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Repossessions fall to seven year low

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The proportion of mortgages ending in repossession was lower in 2013 than in any year since 2007, data from the Council of Mortgage Lenders has revealed.
Repossessions fall to seven year low

In 2007 the total number of mortgages repossessed was 25,900.

This rose to 48,900 in 2009 and has been gradually falling year-on-year, reaching 28,900 in 2013. This represents 0.26% of outstanding mortgages.

CML director general Paul Smee said: “Mortgage arrears and repossessions continue to fall with low interest rates, relatively strong employment, and lender practices all combining to keep most people in their homes even if problems arise.”

Mortgage administrator and servicer HML has predicted this will fall further in 2014.

It forecasts a further 13% decrease in repossessions this year to 25,057, based on the CML’s data.

Northern Ireland is expected to have the highest repossession rate for 2014 with 2,606 possessions while Greater London is forecast as having the second highest repossession rate this year with 2,993 properties.

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