–CML: Q3 Mortgage Repossessions 8,900 Vs 9,400 Q2
LONDON (MNI) – Home possessions by mortgage lenders and court
authorised possession claims in the third quarter were both down sharply
on year ago levels, according to data from the Council of Mortgage
Lenders and the Ministry of Justice.
The CML figures showed possessions falling on the quarter, although
the MOJ reported a slight quarterly rise in court claims. The overall
levels of possessions and claims is small in relation to the total
mortgage market.
The CML figures showed possessions dropping to 8,900 from 9,400 in
the second quarter, a fall of 5.3%. This was the fourth consecutive
quarterly decline. On the CML figures the number of properties taken
into possession was down 27% on a year ago.
CML Director General Michael Coogan warned, however, that “we
cannot take falling arrears and possessions for granted, and the recent
welcome trend may reverse.”
When the financial crisis struck, the government implemented a
number of measures to try and curb any rise in home possessions.
Coogan noted the current government has cut the rate of mortgage
support and said “the impact of the recent cut in the rate at which it
is paid has yet to show through in our figures.”
The MOJ data showed 18,931 mortgage possession claims were issued
in the Q3, down 19% on the year but up 4% on the quarter.
–London newsroom 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDS$]
