Home repossession orders down 28 percent y/y in Q3

Published 11th Nov 2010

Courts in England and Wales issued 28 percent fewer mortgage repossession orders between July and September this year than a year ago, the Ministry of Justice said on Thursday.

There were 14,138 orders for home repossession according to seasonally-adjusted third-quarter data, down from 19,545 a year ago but 5 percent more than the 13,525 orders made between April and June.

However, 47 percent of the orders were suspended, slightly higher than the previous quarter, meaning the total number of actual home repossessions is likely to be lower.

Low interest rates for existing home owners and a surprisingly resilient labour market to date have so far prevented repossessions surging in the way they did after Britain's previous recession in the early 1990s.

Source: ' Reuters '

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