UK repossessions have reached an 18 month low, according to figures from the Council of Mortgage Lenders (CML).
In the second quarter of 2012, 8,500 were recorded, down 11 per cent on the previous quarter, which saw 9,600 repossesions.
The CML also reported that levels of mortgage arrears are also relatively flat with all levels seeing a reduction, except for one.
Bev Budsworth, managing director of debt management company The Debt Advisor, said: “It’s great to see that levels of repossessions continue to fall as, despite all the economic doom and gloom, lenders are not seeing any real increase in mortgage arrears or missed payments.
“I believe that, whilst this is fantastic news, this downward trend is seasonal and is mainly due to increased payment flexibility from lenders and the record low interest rate, both helping to ‘peg back’ a rise in repossessions.
“People in financial difficulties are getting the help they need from lenders and advisers and are still paying their mortgage. However, this picture could very easily change, especially for those with 10% or more in mortgage arrears which showed a continued increase in today’s figures.”
