Estate agents welcome repossession measures

The government’s announcement that new court protocols are to be put in place regarding repossession has been hailed by the National Association of Estate Agents (NAEA).

Ministers have unveiled plans aimed at encouraging lenders to turn to repossession only as a final resort.

It is hoped that the move will provide some debt help to those that are struggling to pay their mortgages and falling into arrears.

Chief executive of the NAEA Peter Bolton King described the measures as a “welcome relief” for many people across the UK.

“It is now more crucial then ever to ensure that the correct procedures are followed, allowing repossession to be seen truly as the last resort,” he commented.

The NAEA also revealed that it supports proposals that statutory regulation should be brought in for sale and rent back schemes.

Concerns were raised in a recent report from the Office of Fair Trading that some people may enter into sale and lease back agreements for their homes when it is not the best option.

By Jamie Price