CML: Repossessions down 26% last year
The number of property repossessions in 2014 fell 26 per cent compared to the year before, according to data published by the Council of Mortgage Lenders.
Out of the 21,000 repossessions last year, 16,100 were for owner-occupied homes and 4,900 were for buy-to-let properties.
There were also fewer mortgages in arrears at the end of 2014 than at any time since 2006.
CML director general Paul Smee commented: “The relatively low rate of repossession among owner-occupiers - around 1 in 600 mortgages last year - should help to reassure borrowers if they do face payment difficulties.”
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