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(RTTNews) - The number of properties taken into possession by first-charge mortgage lenders continued to fall in the U.K., according to the latest data from the Council of Mortgage Lenders, released on Thursday.
There were 9,400 repossessions in the second quarter, down from 9,800 in the first quarter. At the end of June, there were 178,200 loans with arrears equivalent to 2.5% or more of their mortgage balance. This was 5% lower than at the end of March, and 17% lower than a year earlier.
The CML forecasts a total of 39,000 repossessions for 2010 as a whole, compared with the previous forecast of 53,000.
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U.K. Home Repossessions Continue To Fall: CML
(RTTNews) - The number of properties taken into possession by first-charge mortgage lenders continued to fall in the U.K., according to the latest data from the Council of Mortgage Lenders, released on Thursday.
There were 9,400 repossessions in the second quarter, down from 9,800 in the first quarter. At the end of June, there were 178,200 loans with arrears equivalent to 2.5% or more of their mortgage balance. This was 5% lower than at the end of March, and 17% lower than a year earlier.
The CML forecasts a total of 39,000 repossessions for 2010 as a whole, compared with the previous forecast of 53,000.
"While we don't want to cry wolf, it seems obvious that the ongoing prognosis for arrears and possessions is far from a healthy all-clear," said CML director general Michael Coogan. "We hope the coalition government will not risk undermining the chances of extending the welcome trends this year by removing support mechanisms that work."
In a separate communique, CML said the freezing up of the buy-to-let mortgage market that emerged as an unwelcome side-effect of the credit crunch appears to have eased a little. In the second quarter, the number of buy-to-let mortgages taken out was 24,900. This was 13% up on the 22,000 in the first quarter. The value of buy-to-let lending in the second quarter was GBP 2.4 billion, of which GBP 1 billion was remortgaging.
"If we are right that the housing market is in for a period of considerable weakness in prices during the next two years, it is difficult to see demand for BTL lending improving much beyond current levels," said Paul Diggle, an economist at Capital Economics.
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