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Wednesday, 27 June 2012

Fall in UK Home Repossessions

The most recent report by the Council of Mortgage Lenders, noted the trend of repossession of property in UK being falling in the first quarter of 2012.  Last year, for the same quarter, the amount of repossessions was the same as this year's first quarter, which amounted to 9, 600.  The council was content over the stability seen.

However, the Council of Mortgage Lenders also said that the stability might not remain there forever, for there might be different financial factors such as household finances, changes in welfare benefits and rising mortgage rates.

The amount of repossessions/evictions for this quarter was much higher than 8,700 which were registered in the fourth quarter of 2011. However, the amount went up to 9, 600 and was the same as first quarter of 2011 and that is seen as a welcoming trend.

The Council for Mortgage Lenders had estimated the amount of repossession at around 45, 000 houses for the first quarter of the year. However, the amount of house repossessed for the first quarter of the year was much lower than what it was estimated. The Council now believes that the estimated amount can be revised when updated housing market forecasts are published later in the year.

Now, there are many reasons attributing to this falling amount of repossessions. The most important being the growing presence of fast cash property buyers. These agencies deal in fast or quick sale of home in order to stop repossession or stop eviction.  The estate agencies act as repossession helpline who provide you with various advices on repossession.  These agencies also provide many distressed property owners with solicitors that deal l with repossessions/eviction in London.  All this has been helping distressed property owners who have been unable to pay their mortgage payments, to get rid of it, thereby registering a lower rate amount of repossession of properties in UK.

Seeking to reassure people who are having trouble meeting their mortgage payments, Paul Smee, CML director general, said that repossession is a last resort for lenders and the number of repossessions remains relatively low. "Anyone worried about their mortgage should be assured that lenders will try to help them get back on track, as long as this is a realistic prospect," he added.

All in all, there should be more presence of repossession advisers and helplines and fast sell home estate agencies. This will certainly bring the rate of repossessions down and also bring a sigh of relief for the distressed property owners in this hard borne economic time.


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