LONDON (MNI) – Mortgage repossessions rose in Q1, capping five
consecutive quarters of falls, data from the Council of Mortgage Lenders
showed.
The CML reported repossessions in Q1 rose to 9,100 from 7,900 in
the previous quarter, a 15% rise.
But the the number of repossesions was 10% lower than the same
period a year ago, and equal to the average quarterly number of
repossessions throughout 2010.
Commenting on the report, CML director general Michael Coogan
commented:
Looking ahead, the financial position of many households is likely
to be stretched for some while, and some will inevitably find themselves
in difficulty. Lenders have a range of options to nurse borrowers
through temporary problems, but will clearly need to be mindful of the
regulator’s concern that too much forbearance may be as bad as too
little.
UK lenders have come under pressure from government to try and
avoid repossessions and, with Bank Rate held at a record low through
2010 and the economy growing in the year, arrears were relatively low.
–London newsroom: +44 7 862 7491 email:ukeditorial@marketnews.com.
[TOPICS: MABDS$,M$BDS$,M$B$$$,MT$$$$]
