LONDON (MNI) – Mortgage repossessions rose more than 10% in the
first quarter of this year from the fourth quarter of 2011 but were
flat on the year, according to Council of Mortgage Lenders data.
The CML figures showed the number of repossessions in the first
quarter rose to 9,600 from 8,700 in the fourth quarter of last year, a
10.3% rise, but the 9,600 outturn was identical to that in the first
quarter of 2011. The data show repossessions are running at levels well
below those seen in 2009 and have been in a fairly narrow range from
2010 onwards.
Back in Q1 2009 repossessions peaked at 13,000 but had fallen back
to 9,800 by Q2 2010. They have held in a quarterly range between 8,700
and 9,800 from Q2 2010 through the latest quarter.
“Overall, the repossessions landscape appears stable for the time
being,” the CML said.
Bank of England data, also published Thursday, showed mortgage
rates moving higher, which will add to the pressure on borrowers’
finances.
–London bureau: +4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]
