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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.


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.



Rebalancing the economy comes at a price

Economic data released in recent months has been disappointing to say the least. Q1 gross domestic product figures put the UK back into recession along with several other European economies. The economic optimists keep dismissing the official output data and choose to emphasise the more upbeat business surveys.

BSA elects new chairman

David Webster. chief executive of the Hanley Economic Building Society has been elected as chairman of the Building Societies Association.


Marketwatch – May 2012

I had an excellent couple of days at The Strategy Summit, organised by Mortgage Strategy discussing the Mortgage Market Review and the issue of advice, European regulation and the future of buy-to-let – don’t worry, it’s rosy.


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  • Laughing until it hurts 11th May 2012 at 1:46 pm

    Has he finally lost his last tenuous grip on reality?
    Is he a graduate of the Dr Jossef Goebells School of Political Communication?
    Or did he merely take the wise advice offered to him by the Dear Leader ( the Late Great Kim Il Sung) on how to deal with the crisis of capitalism?

  • Bev Dunne 11th May 2012 at 11:55 am

    It is incredible! As he throws more and more people out of work the arrears numbers will rise and reposessions with them.

  • Mr Anon 11th May 2012 at 10:41 am

    Is Mr Shapps honestly taking credit for lower repo’s this year????
    Will someone please show him lenders figures on the amount of people they are showing ‘forebearance’ on?
    An accident just waiting to happen. And I bet he is not around when it does.