Repossessions at lowest level in nearly a decade

Friday 13th February 2015

New numbers from the Council of Mortgage Lenders (CML) show that the number of homes repossessed by lenders last year fell to their lowest level since 2006. Repossessions fell by 26% to just 21,000, with mortgage arrears also falling to an eight-year low, with just 116,800 loans in arrears of 2.5% or more than the amount borrowed. However, the CML warned the public not to get too excited. "No-one should be lulled into a false sense of security that the current low interest rates we are experiencing will last forever," said director general Paul Smee.
 

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