HML has forecast that UK repossessions are likely to fall during the first half of 2011, but rise during the second half of the year.
The financial outsourcer calculates there will be 15,557 repossession to 1 July, followed by 17,700 in the second half of the year.Its first regionally based forecast follows analysis of 320,000 live mortgage accounts.
In total HML predicts 33,257 houses (0.3% of all mortgaged properties) will be repossessed across the UK during 2011.
Northern Ireland is expected to experience the worst rate of repossessions in the UK (0.83% – 2,540), with repossession rates significantly higher than other regions. This reflects the 10.2% fall in house prices that have occurred in the region in the last year (2) combined with the region’s links to the troubled Republic of Ireland economy.
On the UK mainland, repossession rates are likely to be above average in Wales (0.37% – 1,914), London (0.34% – 4,159), the West Midlands (0.33% – 3,406) and the North East (0.33% – 1,557)
The South West (0.18% – 1,829) is forecast to see the lowest proportion of repossessions in the UK.
HML chief commercial and finance officer Neil Warman said: “Despite the challenging economic environment
