Repossessions down below 10,000
17/05/2010 - Figures for the first quarter look better
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There was good news regarding the number of repossessions during the first three months of 2010. The figure was under 10,000 which compared favourably to the 10,600 from the previous quarter; in the first three months of 2009 there were 13,200. The Council of Mortgage Lenders also reported a downward trend for the number of home owners falling behind with their mortgage repayments, during the first quarter 186,300 people made late payments compared to the previous three months when 196,400 people were in arrears.
Arrears in the buy to let market where down to 19,300 by the end of March 2009 compared to 28,800 in the same period in 2010.
The director general of the CML, Michael Coogan said “We hope, and expect, to be able to revise down our 53,000 forecast for repossessions 2010, but we are acutely conscious of the beneficial influence that low interest rates and the package of support have played so far. The dampening effects on households and the wider housing market that fiscal tightening is likely to exert are still to be felt, but it should be a key priority to support borrowers most in need and maintain funding for the Governments’ housing policies”.
