CML says home repossessions at 2-1/2 year low

Published 11th Nov 2010

The number of homes repossessed by lenders in Britain fell to 8,900 between July and September from 9,400 in the second quarter of this year, the lowest in 2-1/2 years, the Council of Mortgage Lenders said on Thursday.

That was the fourth consecutive quarterly decline and 27 percent down from the 12,200 repossessions made a year ago.

The CML said that repossessions in the first nine months of this year totalled 28,400, trending below its forecast of 39,000 for the year as a whole.

"Despite the severity of the economic slowdown, and the likelihood of only a slow and protracted recovery, a combination of low interest rates and the commitment of borrowers, lenders, the government and debt advisers has helped to keep mortgage payments problems in check so far," said CML director general Michael Coogan.

"But we cannot take falling arrears and possessions for granted, and the recent welcome trend may reverse."

Source: ' Reuters '

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