Shapps: Tackling the deficit has kept repossessions low

Tackling the government’s budget deficit is keeping interest rates low and curbing repossessions, says housing minister Grant Shapps.

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Shapps was responding to figures from the Council of Mortgage Lenders showing the number of repossessions unchanged from the same quarter last year.

The figures show there were 9,600 repossessions during Q1 2012 – unchanged from the same quarter in 2011.

Shapps says the figures underline how government action is helping to head off the threat of far higher rates of home repossessions.

He says: “Thanks to our work to tackle the deficit, we’ve managed to keep interest rates at record lows, keeping pressure off hardworking homeowners, and meaning we’re nowhere near the levels predicted only three years ago.

“Even though figures today show that repossession levels are stable, now is not the time to rest on our laurels.”

He urges borrowers to get advice early if they are running into difficulties.