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Fall in number of repossessions 14/05/2013 There were 1,600 fewer repossessions in the first quarter of 2013 than in the first quarter of 2012, says the CML.

Fall in number of repossessions

The rate of repossession in the three months January to March remained at 0.07% for the fourth consecutive quarter, according to data published last week by the Council of Mortgage Lenders (CML). This rate is the equivalent of fewer than 1 in 1,400 mortgaged properties being taken into possession by lenders each quarter.

A total of 8,000 properties were taken into possession (down from 9,600 in the first quarter of 2012, but showing the usual seasonal pattern of an upturn from the fourth quarter figure of 7,700). Around 20% of repossessions were on buy-to-let rather than owner-occupier properties.

The CML's last forecast for 2013 anticipated that there would be a total of 35,000 repossessions in 2013, with 160,000 mortgages in arrears of 2.5% or more at the end of the year. The CML has no imminent plans to revise this forecast.

"Mortgage arrears and repossessions have stabilised at levels lower than many anticipated when the economic downturn started. Low interest rates, continuing employment, lender forbearance and tactical public policy support have combined to ensure that repossession really is a last resort,” said CML director general Paul Smee.
 

 

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