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Repossession and arrears numbers fall

Repossession figures fell during the last quarter of 2009, with a drop also seen in the number of people falling behind in mortgage payments, according to recent data released by the Council of Mortgage Lenders (CML).

According to the CML lenders repossessed 10,200 in the last three months of 2009, a 13% fall in the level seen in the third quarter.

The number of voluntary repossession, where home owners return their house keys due to inability to meet payments, also fell. These account for a quarter of all mortgage repossessions and fell to 2,500 in the fourth quarter of 2009 compared with a peak of 3,400 in the first quarter of 2009.

The number of mortgages in serious payment difficulties, owing 2.5% or more of the outstanding balance was 188,300 at year end. This figure is lower than the 195,000 figure expected by the CML and is 3% lower than the level in the third quarter.

Source: Financial Times

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