13 Aug

Decline in repossessions 'good news for the property market'

Decline in repossessions 'good news for the property market'

The decline in the number of properties taken into repossession is a good sign for the property market.

Yesterday (August 12th), the Council of Mortgage Lenders (CML) reported that there was a fall in the number of houses repossessed in the second quarter of 2010 at 9,400 - down from 9,800 during the first three months of the year.

As a result of these findings, CML predicted that the total number of repossessions for 2010 as a whole is likely to be 39,000, compared with previous estimations of 53,000.

This has come as good news for homebuyers looking for houses for sale in the UK, as it indicates that the property market is improving.

Responding to these findings, Money Advice Trust said that they show a "positive sign that mortgage lenders and borrowers have to learnt to work together".

Spokesperson for the group Helen Newton added that said that lenders should continue to be lenient to homeowners.ADNFCR-1222-ID-800024614-ADNFCR

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