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November 11, 2010    

CML reports further fall in repossessions

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by Kay Murchie
CML reports further fall in repossessions

The Council of Mortgage Lenders (CML) has today reported a further fall in repossessions - the fourth consecutive quarter in which they have fallen.

According to the Council, lenders seized 8,900 properties in the July to September period - representing a fall of 5% compared with the second quarter.

Experts argued, though, that many homeowners have been saved from repossession, due to historically low interest rates, which drove monthly mortgage repayments down.

However, the CML warned that the falling trend could reverse.

The CML said not all householders are in a position to cope with any future hikes in interest rates.

Michael Coogan, director general of the Council, comments: “Many households are adept at adjusting their spending and prioritising their bills to manage their way successfully through periods of temporary difficulty.

“But the capacity to do this will depend on individual circumstances, the extent to which income falls or mortgage costs rise, and how soon they can get back into full employment,” he added.

In the meantime, the number of mortgages in arrears was relatively unchanged. At the end of September, there were 176,100 loans with arrears equivalent to 2.5% or more of their mortgage balance.

This was down from the 178,200 three months earlier.

Separately, a report today from housing charity, Shelter, revealed an increase in the number of mortgage holders who are struggling to meet their monthly repayments.

A survey carried out by YouGov shows that three million people are struggling each month with their mortgage repayments – a staggering increase of 80% compared with a year ago.

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