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Arrears and repossessions fall in Q3

Arrears and repossessions fall in Q3

The Council of mortgage Lenders lastest figures show repossessions fell by 5% and there were 2,100 less properties in arrears.  Some 8,900 properties, representing 0.08% of mortgages, were taken into possession in Q3 of 2010.  The total was 5% lower than the 9,400 cases of possession in the preceding three months, and the fourth consecutive quarterly decline.  The number of properties taken into possession was 27% lower than the 12,200 in the same period a year ago.

In the first nine months of the year, there have been 28,400 cases of possession, trending below the CML's revised forecast of 39,000 for the year as a whole- and significantly lower than the original forecast of £53,000 properties.

The CML says the improvement in repossession figures was a sign of lenders efforts to help provide borrowers with a better safety net of support than they did in the 1990's.

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