Repossession numbers down

Repossession levels were down in the third quarter, according to figures from the Ministry of Justice.

Official statistics showed that during the period there were 24,337 mortgage possession claims, leading to 17,134 orders to reclaim homes being made.

Compared with the second quarter, this represented seven per cent fewer claims, while orders dropped by nine per cent.

The fall was around four times as large over an annual basis, as during the same period 12 months before there were 37 per cent more claims and 35 per cent more orders made.

One caveat with the statistics is that this year’s tally has been affected by the Mortgage Pre-Action Protocol, which the ministry said means the current statistics should be “treated with caution”.

Those looking to avoid getting into problems with their mortgages may wish to see if they can remortgage to a cheaper deal.

Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn said the lower number of repossessions may be due in large part to the lower interest rates seen now, in contrast to the last recession.

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