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Repossessions drop to five-year low

8th November 2012 | back to article listings BACK    print this article PRINT

Property repossessions have dropped to their lowest level in five years, despite the struggling economy, experts said.

Overall, 8,200 homes were repossessed from July to September this year. The figure marks the lowest number of home recoveries seen in one three month period since 2007, according to the Council of Mortgage Lenders (CML).

The statistics suggest that this year's total number of repossessions will be below the previous forecast from the CML, which said numbers could increase to 45,000 by the end of the year.

So far in 2012, there have been 26,3000 repossessions, which show an 8% decrease on the same time 12 months ago.

Paul Smee, CML director general, said: "Good communication and effective arrears management by borrowers, lenders and money advisers are helping the vast majority of those with mortgage repayment problems.

"The rate of repossession has continued to fall and it's clear that lenders want to keep people in their homes."

Copyright Press Association 2012

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