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Possessions stats sensationalised says IMLA
30 October, 2008
Commenting on the FSA's possessions stats which reveal a 71% rise year on year, Peter Williams, executive director of IMLA, said:
This figure has been somewhat sensationalised in the current environment. It reports on an increase to 11,054 in Q2 2008 from 6,476 a year earlier - a 71% rise over what was a relatively low base. We already know possessions are increasing and we expect to see around 40,000 this year compared to 26,200 in 2007 - but this will still be well under 1% of all mortgages outstanding.
Lenders and indeed the government are working to keep people in their homes by offering better advice to those in difficulty and working to develop ways to avoid possession if at all possible. Talking up repossessions helps to further undermine confidence and it is important this is kept in perspective.