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9 November 2012

Repossessions continue to fall

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by Gill Montia

Repossessions continue to fall

Repossessions fell again in the third quarter of 2012, according to the Council of Mortgage Lenders (CML).

A total of 8,200 properties were possessed by lenders in the three months to end-September, down from 8,500 in the previous quarter and 9,600 in the same period of 2011.

The number of mortgages with arrears of 2.5% or more of outstanding balance rose slightly to 159,100, up from 158,700 in the second quarter of 2012, but down from 165,300 a year earlier.

Arrears in the lower and middle bands remained level with the previous three months but there was a small increase (from 28,600 to 29,000) in mortgages with the highest levels of arrears – more than 10% of the balance.

Commenting on the data, CML director general, Paul Smee, says: “Our figures show that good communication and effective arrears management by borrowers, lenders and money advisers are helping the vast majority of those with mortgage repayment problems.”

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