House repossessions fall to five-year low

City A.M. Reporter
House repossessions fell to a five-year low in the third quarter, the Council of Mortgage Lenders (CML) said today.

A total of 8,200 properties were taken into possession over the three months to September, down from 8,500 in the second quarter and 9,600 the year previously, the trade body said.

Over the first nine months of the year, 26,300 properties, eight per cent fewer than the previous year, were repossessed. The CML forecasts the overall number of repossessions this year to be around 45,000.

CML director general Paul Smee said: “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.

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