HML has forecast that there will be 20,606 residential property repossessions in 2015.
The forecast comes as the Council of Mortgage Lenders (CML) announced its latest repossession figures. HML manages the UK’s largest pool of commercially-available mortgage data, comprising around one million accounts. It produces its forecast based on previous account performance and factors up to the CML’s national figures.
According to HML, Greater London will experience the highest number of repossessions in 2015 at 2,641. In second place is the South East, with 2,605 repossessions forecast. The region expected to see the fewest number of repossessions this year is the East Midlands at 1,027.
In terms of repossession rate (which reflects the proportion of properties in the region), Northern Ireland is forecast to have the highest at 0.49%. Wales is in second place at 0.26% and Greater London is in third place at 0.25%.
HML’s 2015 Regional Repossession Forecast:
| Region | Repossession Rate Forecast | UK Forecast |
| East of England | 0.17% | 1,742 |
| East Midlands | 0.13% | 1,027 |
| Greater London | 0.25% | 2,641 |
| North | 0.23% | 1,045 |
| North West | 0.17% | 2,153 |
| Northern Ireland | 0.49% | 1,571 |
| Scotland | 0.16% | 1,729 |
| South East | 0.17% | 2,605 |
| South West | 0.14% | 1,222 |
| Wales | 0.26% | 1,354 |
| West Midlands | 0.23% | 2,082 |
| Yorkshire & Humber | 0.16% | 1,435 |
| Total | 0.20% | 20,606 |
Damian Riley, director of business intelligence at HML, said: “After what has been a difficult few years for many households in the UK, it looks as though the clouds are parting and there is calm after the storm.
“HML expects repossessions to stand at 20,606 in 2015, representing a repossession rate of 0.20%. A combination of lower unemployment, declining inflation and an increase in economic sentiment will no doubt have contributed to our expected decline in repossessions.
“On the other hand, lenders are working hard to help customers stay in their home when experiencing financial difficulties. A combination of increased forbearance, improving macro-economics and Britons having a better handle of their personal finances is likely to have contributed to this expected decline in repossessions.”
