CBRE estimate 70,000 property repossessions in 2009
Repossessions will peak this year with approximately 70,000 properties repossessed in the north, according to the Manchester office of CB Richard Ellis.
However, CBRE believes the north is likely to fare better overall than the south.
The commercial property consultancy said forecasts suggest the largest growth in unemployment will be seen in the south, which therefore reflects the highest rate of repossessions in the country.
CBRE's analysis of research into the UK residential property market indicates there will be an additional 20,000 repossessions for every additional 500,000 unemployed.
Steven Verity, director of residential at CBRE North West, said: "If Government intervention in the form of a mortgage holiday package is successful it could reduce the level of repossessions, or, if lenders fail to pass on interest rate cuts, or the economic backdrop is worse than expected, it could be much higher.
"Either way, 70,000 repossessions is broadly in line with the peak of the 1990's and it represents a staggering eight fold increase from the lows seen in 2004."