Credit, collections & insolvency news
A report from the Council of Mortgage Lenders (CML) has outlined statistics indicating that the number of mortgages in arrears continued to fall in the second quarter of this year and are now at its lowest level since records began more than 20 years ago. The CML data shows that at the end of June there were 92,500 mortgages in arrears of at least 2.5% of the balance (0.84% of the total), down from 95,900 at the end of March. The number of mortgages in arrears was 13.4% lower than a year ago, when the total stood at 106,800, and is now at its lowest level since the run of figures began in 1994.
The number of properties taken into possession also fell in the second quarter, to 1,900 (down from 2,100 in the first three months of the year). There was a decline in both the numbers of owner-occupied (1,300, down from 1,500) and buy-to-let (500, down from 700) properties taken into possession (all figures rounded to nearest hundred). If the present trend continues, the number of mortgaged property repossessions this year is on course to be the lowest since 1982 (when there were 6.5 million mortgages, compared to 11.1 million today).