Repossessions outlook better than predicted

The Council of Mortgage Lenders today cut its repossession forecast saying lower interest rates and a raft of Government initiatives were helping people stay in their homes

The group has revised down its forecast for repossessions during 2009 to 65,000 from a near-record 75,000.

But the figure is still the highest since 1992 and nearly two-thirds higher than the 40,000 people who lost their homes in 2008.