UK repossessions are set to fall during the first half of 2011 (15,557 to 01 July) and rise during the second half of the year (17,700) according to the first regionally based forecast which has been produced by financial outsourcer HML.
Based on an analysis of 320,000 live mortgage accounts 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 per cent fall in house prices that have occurred in the region in the last year 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, by a considerable margin.
HML chief commercial and finance officer Neil Warman said: “Despite the challenging economic environment, the downward trend in repossessions we saw last year is set to continue for the first half of this year. However repossessions will then begin to rise during the second half as a number of macroeconomic factors start to impact on homeowners and influence lender behaviour.
“Of particular concern this year will be the impact of rising inflation and interest rates on hard-pressed homeowners and the effect of continuing job losses. However, these are unlikely to feed through into increased repossessions during the early part of this year.
“Looking at 2012 we see increased affordability pressures for borrowers who are in work together with the lagged effect of job losses in the public sector and benefit cuts. We forecast this will lead to a slight increase in repossessions during the year to a total of between 35,000 and 40,000.”
(GK)
Construction News
17/02/2011
NI To Experience Worst Rate Of Repossessions In UK

19/02/2025
Work is set to commence on a new £671m Northern Ireland children's hospital 'in a matter of days', the NI Executive has announced.
With a five-year construction timetable, the 10-floor state-of-the-art facility located within Belfast's Royal Victoria Hospital site is projected to be opened by Belf

19/02/2025
County Tipperary-based Glas Civil Engineering has commenced works on a major active travel project in County Kildare.
The project includes a comprehensive upgrade of Mill Street, Maynooth, spanning from the Leinster Street /Main Street junction to the Kilcock Road / Moyglare Road junction.
The en

19/02/2025
Northern Ireland construction firm GRAHAM has been awarded a significant contract by Surrey County Council to deliver essential improvements to the A320 north of Woking highway.
This is a key infrastructure project funded through Homes England's Housing Infrastructure Fund.
The scheme, designed t

19/02/2025
A £1.1m project to provide new and improved facilities at a County Armagh primary school has been completed.
Education Minister Paul Givan officially opened the upgraded Foley Primary School, which saw additions of a multi-purpose sports hall, two mobile classrooms, new school central heating syste

19/02/2025
Ward and Burke Construction Ltd has commenced works on behalf of Uisce Éireann to replace ageing and damaged watermains in Snave, County Cork.
Over 800 metres of old watermains, which are prone to frequent bursts and leakage, will be replaced and upgraded with new modern pipes. Once completed, whic

19/02/2025
Works to repair a historic clock in County Down have successfully been completed.
The refurbishment of Dan Rice Hall's clock tower in Drumaness was made viable following an investment of £15,000 by Newry, Mourne and Down District Council, with funds going towards new clock faces, back light feature

19/02/2025
Representatives from Galway City Council and Galway's Westend business association met this week to explore current and future projects for their area.
Topics covered during these discussions included potential improvements at Father Burke Park, the current summer pedestrianisation, public realm im

19/02/2025
The deadline for applications to NI Water's award-winning Entry Level Academy has been extended.
Submissions for the 23 highly sought after apprenticeship, higher level apprenticeship and graduate jobs will now close on Monday, February 24, at 10am.
NI Water's Entry Level Co-ordinator, Stacey Wats

19/02/2025
Public opinion is being sought for the development of an exciting project in County Waterford.
The Thomas Street Creative Project is an initiative to inform and shape the local community and the cultural direction of Thomas Street in the heart of Waterford’s Cultural Quarter (WCQ).
With the public

19/02/2025
A road closure is set to commence next week to facilitate essential drainage works in advance of a road reconstruction project at the L5036 in County Wicklow.
Beginning Monday, February 24, the L5036-Ballinastoe Road will close for approximately 2 weeks. A diversion route will be in place through t