- Monday, 17 August 2009The number of people entering into
individual voluntary agreements (IVAs) in order to avoid personal insolvency could remain high despite a fall in the number of property repossessions.
According to the Council of Mortgage Lenders (CML), repossessions decreased in the second quarter of the year to 11,400 from first quarter figures of 12,700.
Despite this decrease however, the UK Insolvency Helpline (UKIH) said that any sustained lowering of the repossession rate was subject to the Monetary Policy Committee's maintenance of low interest rates.
Ian Boden-Smyth said: "The key to repossessions staying at a low rate will be purely interest rates staying at a low rate. If they go up – three, four, five, six per cent – that is where the problems are going to arise."
He added that the UKIH is "expecting" to see an increase in the number of repossessions in the coming year.
Despite the quarterly decrease, the UK repossession rate is 14 per cent higher year-on-year.
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