News Column

Mortgages Home repossessions fall to six-year low

February 14, 2014

Angela Monaghan

The number of homeowners failing to make mortgage repayments and having their properties repossessed has fallen to the lowest level in six years, accompanying a decline in unemployment and continued low borrowing rates.

Mortgages ending in repossession were down 15% to 28,900 last year, representing 0.26% of outstanding mortgages, according to the Council of Mortgage Lenders (CML). This was the lowest since 2007, before Britain felt the full force of the financial crisis. The number of homeowners falling into arrears on their mortgages or being repossessed has been falling steadily since peaking in 2009. Paul Smee, director general of the CML, said the fall could be explained by lenders more effectively managing those accounts in arrears, as well as by an improved economic backdrop.

Angela Monaghan

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Guardian (UK)

Story Tools