Repossessions ‘stable’

The number of repossessions is stable and no longer rising, the Council of Mortgage Lenders (CML) has revealed.

CML figures for the number of repossessions in the first quarter of 2012 showed the tally remaining static at 9,600, the same as in the first three months of 2011.

This may suggest that consumers who have been in difficulty have sought help, with debt management plans and individual voluntary arrangements among the instruments that can prevent homes being lost.

Further evidence that householders may be acting to get their mortgage problems under control may lie in another finding of the survey.

This showed the number of mortgages with arrears of more than 2.5 per cent of the outstanding balance dropped from 160,300 in December 2011 to 157,800 in March, continuing a downward trend from 170,500 a year earlier.

Another piece of good news is that second-charge mortgage repossessions have fallen, according to the Finance & Leasing Association (FLA).

FLA figures for the first quarter show these fell 19.5 per cent year-on-year.

By James Francis