propertytalk Live! - No room for complacency despite fall in the number of home repossessions
New figures from the Council of Mortgage Lenders have shown a three-year low in the number of repossessions.
These figures show that repossessions in the last three months of 2010 were down by 11 per cent compared to the previous quarter, and 24 per cent less than the same period in 2009. The total number of repossessions in 2010 was 36,300 - 16,700 fewer than the 53,000 originally forecast.
Housing Minister Grant Shapps said that the fall in the number of people losing their homes through repossession action was a step in the right direction, but emphasised that there is no room for complacency and work must continue to support people at risk of losing their home.
He said that the Government's ongoing efforts to tackle the record deficit it had inherited must continue in order to avoid rapid increases in interest rates, which would put further pressure on already-stretched family budgets.
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