UK repossession data supports mortgage market performance

Fri, 18 Nov 2011

Recent repossession figures published by the Council of Mortgage Lenders (CML) should serve to reinforce the view that UK mortgage assets are continuing to perform well.

This is according to the CML itself, which noted the sector has stood strong despite pressures such as the credit crunch, the recession and the current European debt crisis.

Statistics provided by the group showed the number of properties taken into possession by lenders in quarter three of 2011 came to 9,200 - a sum almost unchanged from the 9,100 recorded over the previous three-month period.

It means the overall amount of repossessions this year stands at 27,500, which equates to four per cent fewer than across the same nine-month spell in 2010.

The CML - whose members make up almost 95 per cent of all residential mortgage lending in the UK - pointed out this means the UK mortgage market has a track record of performing well throughout a lengthy period of difficulty.

It noted arrears are now standing at levels that are less than half of those witnessed during the last economic downturn of the early 1990s.

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