The under pressure housing market received a well needed boost as it emerged that the number of UK repossessions has dropped in the second quarter of 2010.
The Council for Mortgage Lenders has just announced that it dropped by 400 to 9,400, whilst the number of mortgage arrears also declined.
There were 178,200 loans at the end of June, with arrears of 2.5% or more of the mortgage balance, 5% lower than at the end of March and 17% lower than 12 months ago.
Low interest rates, greater lender forbearance as well as the introduction of Government schemes to enable those struggling to maintain mortgage payments all helped in the production of these most recent figures.
However, the CML warned that any increase in interest rates and increase in unemployment could place borrowers in a difficult position, and urged the new government to continue its support of homeowners .
It stated that there are fewer mortgage difficulties presently than it anticipated at the start of the year and in comparison with the 1990s recession.
Drop in Mortgage Arrears and Repossessions
Thu, 12 Aug 2010
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