- Thursday, 13 May 2010Numbers of repossessions fell in the first quarter of 2010 but effective
debt management is still required to lower the risks of losing property, suggests the Council of Mortgage Lenders (CML).
CML revealed that 9,800 homes had been repossessed in the first three months of 2010.This was down from 10,600 in the previous quarter and from 13,200 in same period last year.
Low interest rates and stable employment have ensured that the property of new households has remained safe from repossession but borrowers facing large mortgage arrears need to ensure
debt management is effective, according to the CML.
Michael Coogan,CML director general, said: "The dampening effects on households and the wider housing market that fiscal tightening is likely to exert are still to be felt, but it should be a key priority to support borrowers most in need and maintain funding for the government’s housing policies."
Mr Coogan added that the CML had written a letter to the new chancellor, George Osborne, in partnership with Shelter and Citizen's Advice, to encourage him to continue support for those in financial difficulty in his first budget.
The organisation, which represents the interests of mortgage lenders, is concerned that many households remain fragile and higher interest rates or unemployment could undermine the fall in repossession figures.
Unemployment reached a 16 year high yesterday (May 12th) with figures climbing to 2.51 million.
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