Ministry of Justice Confirms Repossessions are Falling

Thu, 13 May 2010

Ministry of Justice figures highlight that the number of potential repossessions in England and Wales have been falling.

The number of possession actions, that is, the primary stage of an attempted repossession by a mortgage lender, was 18,504 in the first quarter of 2010. This was 8% lower than the previous quarter and 24% down on the same period in 2009.

Moreover, the number of possession orders agreed by judges dropped to 14,373, down 13% on the previous quarter and 15% down on 12 months ago.

In November 2008, a mortgage pre-action protocol was introduced which specified that mortgage lenders would need to demonstrate to the courts that they had exhausted all possibilities prior to going ahead with a repossession .

Low interest rates and more stable employment are factors which have helped prevent new households getting into financial difficulties and into arrears .

These figures highlight a welcome reduction in the number of people who have lost their homes .

However, given the fragile nature of the economic recovery, it is not likely if this trend is going to continue.

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