UK Repossessions Fall in 2011 – CML

Another report published yesterday, on February 9th by the Council of Mortgage Lenders (CML) suggests that the number of property repossessions fell in 2011.

CML figures show that there were only 36,200 repossessions last year, which compares to 37,100 in 2010. The pre-downturn level of 25,000 repossessions a year has not been reached it, though.

Experts at the CML believe that the market is on its way, mainly due to the low mortgage interest rates and good arrears management policies implemented by lenders.

Commenting on the findings, Paul Smee of the CML said: "this will continue, but in the face of wider economic difficulties and rising unemployment, we are concerned that there will be a higher number of people facing more serious problems in 2012." He also highlighted that anyone experiencing financial difficulties should talk to a lender as soon as possible to get the “best possible chance of staying in their home.”

The detailed report by the CML is available on the official website in the Press Releases section.