Repossessions down in Kent thanks to low house prices

Wed, 24 Aug 2011

A combination of lender forbearance - brought on by low house prices - and reduced mortgage costs has led to a reduction in the number of repossessions in Kent.

In fact, the Kent News reported that the level has fallen to its lowest for six years after just 310 mortgage possession orders were issued in the three months to the end of June.

This represents the lowest number of such orders in a single quarter since the end of 2005, when 295 were handed out.

Shelter service manager for Kent Mark Ellison explained that some may be surprised to see repossession figures fall during a period of economic strain, but lenders tend to be keener to wait until the homes are worth more before repossessing them.

"It's not surprising and is just one of the ways in which lenders operate. It's always a good thing when people are allowed to stay in their homes," he said.

Meanwhile, mortgagestrategy.co.uk recently reported that the Association of Residential Letting Agents believes rogue property clubs could be responsible for a large number of buy-to-let repossessions.

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