LONDON (MNI) – Mortgage repossessions fell markedly in both the
fourth quarter of last year and the year as a whole, data from the
Council of Mortgage Lenders showed.
The CML reported repossessions in Q4 fell to 7,900 from 8,900 in
the previous quarter, an 11% fall. In 2010, repossessions fell to
36,300, a fall of 24% on the previous year.
UK lenders have come under pressure from government to try and
avoid repossessions and, with Bank Rate held at record low through 2010
and the economy growing in the year, arrears were relatively low.
The CML said the number of repossessions in 2010 accounted for
just 0.3% of all mortgages.
–London newsroom: +44 7 862 7491 email: drobinson@marketnews.com.
[TOPICS: MABDS$,M$BDS$,M$B$$$,MT$$$$]