Repossession fears not borne out
FORECASTS that there will be 40,000 repossessions this year now look off the mark.
The Council of Mortgage Lenders says that arrears are continuing to fall and that repossession numbers are stable. Reporting on the third quarter, the CML said the number of properties taken into possession by mortgage lenders was 9,200, fractionally up on 9,100 in the second quarter. The number of repossessions in the quarter equated to 0.08 per cent of all mortgages. This has been the same for five of the last six quarters, with the exception of Q4 2010, which experienced a typical seasonal dip to 0.07 per cent.
So far this year, a total of 27,500 properties have been taken into possession.