Repossessions lowest on record: CML

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Repossession rates in 2016 are set to be the lowest on record, according to new figures from the Council of Mortgage Lenders.

The CML says there were 2,100 repossessions in the first quarter of the year, comprised of 1,500 houses and 600 buy-to-let properties.

The trade body says if this continues through 2016 there would be 8,400 repossessions, the lowest since 1982.

However, in 1982 there were only 6.9m mortgages, against 11.1m today.
Screen Shot 2016-05-12 at 10.15.04Mortgage arrears also continued to fall. There were 96,200 loans in arrears at the end of March, down from 101,700 at the end of December, and 111,200 at the end of the first quarter of 2015. CML director general Paul Smee says: “We cannot completely avoid the risk of any individual household experiencing arrears or repossession. But lenders continue to work very effectively to help their borrowers through periods of difficulty when they do occur, and borrowers should be reassured that most cases of arrears can be resolved and will not lead to repossession.”