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Home repossessions fall to eight year low


The number of homes repossessed by lenders in the UK has fallen to an eight year low, according to The Council of Mortgage Lenders (CML).

The CML has reported that repossessions have fallen by 26% to 21,000 in the last year. Mortgage arrears have also fallen to their lowest rate since 2006.
The improvements are thought to be because of the rising levels of employment in the UK and continuing low interest rates. There is now a fear that once interest rates rise, homeowners will not have prepared and mortgage arrears and repossessions may dramatically increase.

The CLM’s director general, Paul Smee, said:
"No-one should be lulled into a false sense of security that the current low interest rates we are experiencing will last forever,"
"Rules are in place to ensure lenders assess future affordability, but these are not a substitute for careful borrowing."
"It's essential for borrowers themselves to have one eye on the future."

In comparison, 42,000 tenants saw their homes repossessed by landlords in 2014, which according to the Ministry of Justice, was the highest rate since records began in 2000. The figures may simply reflect the big rise in the number of landlords and tenants in the past few years.

Campbell Robb, chief executive of the charity Shelter, said:

"These findings paint a grim picture of the devastating impact our shortage of affordable homes is having on thousands of renters every single month.
"With the cost of housing sky-high, we are hearing from increasing numbers of families who are terrified that just one thing, like a sudden illness or job loss, will leave them homeless."

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