2008 was an extremely challenging year for everyone associated with repossessions, with a dramatic increase in the numbers of possessions coupled with a depressed housing market and AMG believes that 2009 will be equally challenging with the CML predicting possession numbers to reach circa 75,000.
Although parallels are being drawn to the sector in the early 90s AMG believe that processes, people and the perception of asset management have all made great strides since that time.
Simon Matthews, managing director of AMG commented: “We have not experienced this level of possessions since the early 1990s however I think the industry as a whole is far better equipped to deal with these volumes. I have memories of the early 90s when processes were manual to the extent that a client would turn up with boxes containing files for hundreds of properties. It’s hard to imagine that world now with our integrated data feeds from lenders and an online operating system that enables clients to review management information remotely.”
