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Repossessions 'at six-year low'

By Wesleyan

The number of home repossessions in 2014 was almost a quarter less than in the previous year, according to new figures.

The Council of Mortgage Lenders (CML) said that there were 21,000 repossessions last year, some 26 per cent down on the previous year and the lowest level since 2006.

The CML said the lower figure was partly down to low interest rates and cheap mortgage deals, which are protecting homeowners from the threat of missing payments.

Also, falling unemployment means that people are less likely to suddenly have a loss of income.

Three quarters (16,100) of the repossessions recorded last year were on owner-occupied homes, with the remaining 4,900 on buy-to-let properties.

The repossession rates on buy-to-let mortgages tend to be higher than on owner-occupied loans, the CML said.

This is because lenders will work harder to prevent repossession of owner-occupier homes in order to ensure people are not left without a house.

Copyright Press Association 2015

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