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The latest CML figures reveal nearly 10,000 properties were repossessed in the first quarter of this year, according to The Telegraph
A total of 9,600 properties were repossessed in the UK in the first quarter of 2012, according to new figures from the Council of Mortgage Lenders (CML). The latest figure is a 10pc increase on the fourth quarter of 2011.
The CML has described the situation as “stable” and said that its previous prediction that repossessions would rise to 45,000 this year could be revised down later this summer when it publishes its housing market forecasts.
“Continuing pressures on household finances, changes to welfare benefits and an upward drift in mortgage rates all have the potential to disrupt the current stable picture,” it cautioned.
The report also highlighted a “modest improvement” in arrears. The number of mortgages with arrears of 2.5pc or more of the outstanding balance fell to 157,800, down from 160,300 at the end of December and 170,500 a year ago.
Mark Harris, chief executive of broker SPF Private Clients, said that while it is encouraging news, it is important that complacency does not creep in.
The CML report also showed new buy-to-let data which shows new lending had fallen 5pc in the first quarter of 2012, with 32,300 loans completed worth £3.7bn, compared to 34,300 loans worth £3.9bn in the last three months of 2011.
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