Last month, eMoov predicted that the closure of Tata’s Port Talbot steelworks were likely to cause surrounding house prices to plummet.

HML’s research found that the expected total of repossession in the UK during 2016 would be 10,326, which would represent 0.09% of mortgages.

Despite the low figure, Andrew Jones, Chief Executive Officer for HML, warned that the steel closures could cause that figure to rise.

“Another year of low repossession rates is welcome – but we shouldn’t ignore the prospect of big increases when interest rates eventually rise.

“Those hit hardest by other financial pressures such as unemployment are at particular risk, and if the UK steel industry deteriorates, we can sadly expect repossessions to increase in communities that are affected.”

HML works with mortgage providers to identify those at risk of repossession and is the only organisation to publish mortgage repossession forecasts broken down into regions.

“Repossession is an extremely difficult time for any household, and HML works with mortgage providers to identify those at risk and provide support during times of financial difficulty,” Andrew added.

To read HML’s full 2016 forecast, click here.