CML reports lowest number of repossessions since 2007

The Council of Mortgage Lenders (CML) has reported a fall in the number of properties being repossessed by mortgage lenders from 8,200 in the third quarter of 2012 to 7,700 in the fourth quarter, maintaining a repossession rate of 0.07%. This is the lowest quarterly number since the fourth quarter of 2007. On an annual basis, repossessions fell from 37,300 in 2011 to 33,900 in 2012 - the lowest annual figure since 2007. This brings the rate of repossession down from 0.33% in 2011 to 0.30% last year. The CML also pointed out that the stock of properties in possession held by lenders at the end of 2012 was also at its lowest for over five-years. February 15, 2013