Repossession figures remain stable

The amount of property owners entering into financial difficulty remained relatively stable during the first three months of this year, the latest figures show.

Data from the Council of Mortgage Lenders (CML) highlights that 9,100 properties were repossessed in the first quarter, accounting for 0.08 per cent of all loans.

This marks a 15 per cent rise from the previous three-month period, but is ten per cent lower than figures from a year ago.

CML director-general Michael Coogan commented: "Looking ahead, the financial position of many households is likely to be stretched for some while, and some will inevitably find themselves in difficulty."

He added that people who fear they may encounter problems should be assured that there are various procedures in place to help deal with their situation and offer the best advice available.

But despite the economic worry for homeowners, the rise in repossessions could be a great time for buy to let landlords to take advantage and pick up a repossessed property bargain at property auctions.

Published on: May 13, 2011

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