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Repossessed Property NewsSecond charge repossessions increase (February 06, 2008) Second charge repossessions increaseDate: 05-Feb-2008  The repossessions survey, which interviewed high street banks, building societies and specialist lenders also found that 80% are expecting repossessions to rise this year and 40% believe this could be by as much as 15%. Lenders identified first-time buyers as the most vulnerable to repossession. Meanwhile 68% believe buy-to-let repossessions will increase, with new build flats citied as most at risk. Just under 90% of lenders would like to see buy-to-let regulated as though it were an investment product, while a further 88% are expecting commercial repossessions to increase. Paul Walshe, head of lender services at Moore Blatch, says: “The survey highlights many key trends within the market. “We have seen a significant increase in repossessions over the year, and with house prices falling, the vast majority of lenders expect this to continue over the foreseeable future. He adds: “The survey also draws attention to the industry-wide opinion that further regulation is needed. The general consensus appears to be that the FSA should be taking a more authoritative stance on regulation, particularly in the buy-to-let market.”Click here to return to the News page 
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