A drop in repossessions comes as a surprise as recent figures show that the number of individuals who had their homes repossessed dropped to the lowest level in two years during the first quarter of 2010.
10,500 UK homeowners had their properties repossessed in the three months up to to the end of March.
According to Financial Services Authority statistics, that figure is 11 per cent lower than the previous quarter.
The number of people who fell into arrears with their mortgage also dropped during this period.
Approximately 40,500 individuals missed their mortgage payments in the first quarter, two per cent less than in the previous one.
For the third consecutive quarter, the drop contributed to a greater improvement in the number of people in mortgage arrears .
360,000 individuals had lagged behing with their home loan, that is, the equivalent of three per cent of all mortgage holders.
So despite the fact that repossessions are still happening, the picture is improving.
Drop in Repossessions is a Surprise
Wed, 23 Jun 2010
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