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Repossessions fall to two year low

Repossessions fall to two year low

Category: Debt

Updated: 17/01/2013
First Published: 09/08/2012

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Fewer homes were repossessed during the second quarter of this year, suggesting homeowners are taking active steps to avoid falling behind on their mortgage payments.

Figures from the Council of Mortgage Lenders (CML) have revealed the number of repossessed homes reduced from 9,600 in the first quarter of this year to 8,500 during April, May and June, its lowest level since 2010.

The CML's forecast for total repossessions this year is 45,000, although it admitted that this could be much lower due to just 18,100 repossessions being recorded so far this year.

Director general at the CML, Paul Smee, said: "The figures show that lenders, borrowers and debt advisers are working together to get through the current period of economic difficulty and keep mortgage possessions in check.

"Generally, when borrowers prioritise their mortgage commitments, lenders can provide help appropriate to their individual circumstances. But success in managing temporary payment problems depends on everyone working together, and it is essential for anyone worried about their mortgage to talk to their lender as soon as possible."

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