Reposession orders down 29 %

Published 12th Aug 2010

Courts in England and Wales made 29 percent fewer mortgage repossession orders between April and June this year than a year ago, the Ministry of Justice said on Thursday.

There were 13,389 orders for home repossession according to seasonally-adjusted second-quarter data, down from 18,813 a year ago and 7 percent fewer than the 14,385 orders made between January and March.

However, 46 percent of the orders were suspended, the same proportion as in the previous quarter, meaning the total number of actual home repossessions is likely to be lower.

Only 9,800 properties were actually repossessed in the first quarter of 2010, the last period for which data is available.

Low interest rates for existing home owners and the absence of a big surge in unemployment to date have meant there has been far less of a surge in repossessions to date than in the aftermath of Britain's previous recession in the early 1990s.

Source: ' Reuters '

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