18 Feb

UK repossession levels falling

UK repossession levels falling

The number of residential repossessions in the UK fell once more during the fourth quarter to maintain a steady decline and increase the volume of people who are now able to afford their mortgages on property for sale.

According to the latest data from the Council of Mortgage Lenders (CML), the number of homes being repossessed dropped from 8,200 in the third quarter of the year to 7,700 in the next period.

This meant that there was a fall of 0.7 per cent in just three months, and it adds further positivity to a market in which sales were headed upwards in January according to the Royal Institute of Chartered Surveyors (Rics).

CML director general Paul Smee recommended that anyone who still finds themselves with financial trouble with regards their home should seek assistance as soon as possible.

"Wherever possible, lenders will work with borrowers to manage periods of temporary financial difficulty and enable them to keep their home. Anyone worried about their situation should talk to their lender, who will try to help them."ADNFCR-1222-ID-801541920-ADNFCR

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