Number of home repossessions continues to fall
14 Aug 2015
The number of homes repossessed in the UK continues to fall, according to figures from the Council of Mortgage Lenders (CML)
Some 2,500 homes were repossessed in April, May and June this year, down from 3,000 in the previous quarter and a significant drop on the 5,400 figure in the same quarter last year.
Low interest rates are widely accepted to be a main reason for the drop in repossessions, as homeowners continued to keep up with repayments. There are over 11 million outstanding mortgages in the UK, and earlier in the week it was revealed that more than a million householders had never experienced a Bank of England base rate rise.
CML director general Paul Smee said: "This trend is very welcome. Low interest rates are acting as a significant support for homeowners in general, and are likely to be helping to stave off low level arrears for stretched households in particular. As ever, we urge borrowers to think ahead to when interest rates rise, and to contact their lender without delay if they are in difficulty.”
Meanwhile, the Royal Institution of Chartered Surveyors (Rics) has accused the Government of failing to adequately address the issue of new housing supply.
Its latest survey found that the average number of properties for sale per surveyor was just 47 in July, the lowest figure on record.