Home repossessions at 35 year low

first_imgHome repossessions by banks dropped by almost 25% last year the Council of Mortgage Lenders (CML) has revealed.During 2016 some 7,700 homes home were taken back by banks, down from 10,200 in 2015, the lowest number since 1982.The CML also says that mortgage arrears were down last year by 7% and that it is part of a long-term trend (see graph).Repossessions peaked in early 2009 following the financial crisis at approximately 50,000 a year then began a prolonged year-on-year decline as the economy recovered, with some of the largest reductions over the past two years.“It is encouraging to see another improvement in arrears and possessions during a year in which borrowers were clearly helped by the downward trend in mortgage rates,” says Paul Smee (pictured, left), director general of the CML.“But customers do need to be ready for a time when the outlook may not be so benign, with pressure on real incomes increasing and as interest rates begin to move upwards again.“Lenders remain committed to helping borrowers work through any period of temporary payment difficulty and remain in their home wherever possible.”The number of buy-to-let mortgage arrears during 2016 also fell, by 11% compared to the year before, while the number of buy-to-let properties repossessed by lenders remained the same, at 600.Paul Smee home repossessions Council of Mortgage Lenders February 10, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Home repossessions at 35 year low previous nextHousing MarketHome repossessions at 35 year lowFigure drops by 25% year-on-year, says Council of Mortgage LendersNigel Lewis10th February 20170669 Viewslast_img read more