New figures from the Council of Mortgage Lenders (CML) show that 11,7000 houses were seized in the three months to September.
Repossession levels remain relatively low thanks to the banks leniency towards struggling home owners.
Also the number of borrowers in arrears has fallen from 204,000 to 195,000 thanks to the historically low 0.5 percent interest rates.
The positive figures have caused the CML to cut its repossession prediction for this year for the second time, from an original prediction of 75,000 repossessions, which it then cut to 65,000 in June and has now cut to 48,000.
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Repossession level should be lower as the banks are provided tax-payers money to come out of their financial stress and the banks should be very considerable when it comes to struggling consumers.
ReplyDeleteYeah I think the reduction was largely down to the extremely low interest rates which meant lots of peoples mortgage repyments were reduced which meant less forced sales.
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