Member Login  |   Join Us  |  Resources  |  FAQs  |  News  |  Events  |  Contact Us  


  Search for a Solicitor Advocate

 contact@solicitoradvocates.org

Follow us   

 

General

2011 repossessions lowest since 2007 14/02/2012 New data produced by the Council of Mortgage Lenders (CML) reveals that the total number of properties taken into possession by first-security mortgage lenders in 2011 was 36,200.

2011 repossessions lowest since 2007

New data produced by the Council of Mortgage Lenders (CML) reveals that the total number of properties taken into possession by first-security mortgage lenders in 2011 was 36,200. This is the lowest annual total since 2007.

On arrears, there continues to be a modest improvement across all arrears bands compared with 2010, says the CML.

Buy-to-let properties accounted for 5,900 of the repossessions in 2011, up from 4,700 in 2010.

Although arrears and repossessions throughout 2011 were fairly stable, the CML has no current plans to revise its current 2012 forecasts for the year. Worsening unemployment and continuing pressures on the cost of living seem likely to result in some further deterioration in the position of households in 2012. The CML anticipates that this is likely to result in around 45,000 repossessions and around 180,000 mortgages in arrears of 2.5% or more by the end of the year.

"Low interest rates and good arrears management by lenders are helping the vast majority of those borrowers who face difficulties to keep their homes and get back on track,” said Paul Smee, director general of CML. “This will continue, but in the face of wider economic difficulties and rising unemployment, we are concerned that there will be a higher number of people facing more serious problems in 2012.”

Find a Solicitor Advocate
Looking for a solicitor advocate to
represent you or your client?
Learn more
 
 

Sitemap  |  Privacy and legal  |  Accessibility  |  Cookies Policy  |  Terms and Conditions  |  Scam Alert

© Copyright 2012 The Society of Solicitor Advocates

Website by Red Towers (Scotland) Limited