- Friday, 13 November 2009Mortgage repossessions were lower than expected during the summer quarter of this year, according to the Council of Mortgage Lenders.
The announcement has been welcomed by the Trades Union Congress (TUC), which has in turn recognised the success of government schemes.
Reduced repossession levels could mean than surrounding indicators of economic hardships - such as
individual voluntary agreements (IVAs) - could also fall.
Brendan Barber, general secretary of the TUC, widely applauded the government initiatives on the matter, but made particular reference to the insistence that mortgage providers follow the law correctly.
He commented: "These figures suggest that the government's intervention in the housing crisis is working.
"Government schemes are providing help for those who get into difficulty with their home loans and are ensuring that lenders at least follow proper procedures."
He went on to say that while the news was certainly positive, it should not be forgotten that thousands of people are still losing their homes and that the government should continue to remind lenders that repossession should be a "last resort".
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