Orders for Repossession Decline

Wed, 25 Aug 2010

There were 29 per cent fewer mortgage repossession orders in the period from April to June than 12 months ago.

This is the latest claim from the Ministry of Justice.

13,389 orders for home repossession were granted, as per seasonally-adjusted second-quarter data.

This means orders for repossession decreased from 18,813 12 months ago and 7 percent fewer than the 14,385 orders which were made during the period from January to March.

The same percentage of orders, 46 per cent, were suspended as in the previous quarter, which equates a lower number of actual home repossessions .

The first quarter of 2010 saw just 9,800 properties being repossessed .

Low interest rates and a gradual increase in unemployment, as opposed to an immense surge in unemployment, have aided this situation.

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