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Home Repossessions fall despite Recession

The second quarter of 2012 has seen a fall in the amount of homes repossessed, despite the fact that the UK has remained in a state of recession, according to figures released by the Council of Mortgage Lenders (CML)

In the three months leading up to June there were a total of 8,500 homes repossessed by lenders, down from 9,600 in the first three months of 2012. This is lowest value recorded since the last quarter of 2010, and follows a seasonal pattern that can be witnessed over the last three years.

Lower interest rates and more help for unemployed mortgage borrowers are the main reason for the change according to the CML, who mention that the government’s Support for Mortgage Interest Scheme (SMI) has been particularly effective, and has itself kept up to 250,000 people in their homes.

The figures mean that there have been a total of 18,100 repossessions so far in 2012, and that repossessions are occurring at a slower rate than the 45,000 forecast by the CML at the start of the year. However the CML also reminded us that the growth figure for the economy of 0pc forecast by the Bank of England is likely to mean that the period of stability we have witnessed may be disturbed by more economic pressure.

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