Repossessions plunge in quarter to June
13th August 2010
Mortgage lenders have reported that there were fewer houses repossessed in the quarter to June.
During the second quarter of 2010 there were 9,400 homes repossessed, a drop of 400 from the quarter before, the Council of Mortgage Lenders (CML) revealed.
The figure is 2,400 below the same period a year earlier.
Low interest rates, increased lender forbearance and the introduction of government schemes to help people who are struggling to keep up with their mortgage have helped to reduce the figures.
But the CML warned that any hike in interest rates and a rise in unemployment could put borrowers in a precarious position, and urged the Coalition government to maintain its support for homeowners. People may also consider protecting themselves against an uncertain future by ensuring they have income protection cover.
The CML has revised its figure for the year to 39,000 repossessions, down from November's prediction of 53,000 and 2009's figure of 47,700.
Copyright © Press Association 2010
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