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Home repossessions fall in first-quarter of 2010

Housing repossessions fell in the first quarter of 2010 to 9,800 compared to 10,600 in the previous quarter and 13,200 during the same period in 2009. The number of homeowners in arrears also fell from 196,400 in the previous course quarter to 186,300 in the first quarter of 2010. So what does this mean for the UK property market?

It was also interesting to see that buy to let landlords are now starting to prosper again with mortgage arrears in this area down from 20,700 to 19,300 over the last two quarters. This compares to a figure approaching 29,000 in the same period for 2009 and perfectly reflects the recovery we have seen so far in the UK property sector.

Even though it is always good to see the number of repossessions fall there is a belief that more mortgage support programs have kicked in to hold down the figure in the short-term. How long these support programs will be able continue is open to debate as we need to see a sustained recovery in the UK economy before the threat of an increase in repossessions can be discounted.

While the general trend appears to be positive the Council of Mortgage Lenders (CML) still believes that UK repossessions will increase from 48,000 in the whole of 2009 to 53,000 in 2010. Even though this figure is likely to be revised downwards in the event of an economic recovery in the UK there is still concern about the fragile state of the UK economy.

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