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Repossessions stable but risk to homes remains

Thursday, 10 November 2011 12:54 PM

Home repossessions remained stable in the third quarter while arrears continued to fall, according to the Council of Mortgage Lenders (CML).

The number of homes seized by banks rose slightly to 9,200 from 9,100 in the second quarter. However, the total of 27,500 for the year so far is four per cent fewer than in the same period last year and the CML now expects the total for 2011 to be lower than its forecast of 40,000.

The number of mortgages more than 2.5 per cent in arrears was down two per cent on the second quarter and eight per cent on a year ago at 161,600.

However, the CML said that there were still 27,300 households more than 10 per cent behind with their mortgage.

And it said falling real incomes and rising unemployment could lead to increased arrears in the next few quarters.

CML director general Paul Smee said: "Lenders will do their utmost to help borrowers keep their homes, whatever pressures emerge.

"Anyone worried about their mortgage should seek early advice and talk to their lender: these figures firmly show that repossession does not have to be an inevitable consequence of mortgage arrears."

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