Interest rate stabilisation helps repossessions fall
The stabilisation of interest rates has been credited with the fall in the number of repossessions in recent times.
After a rocky period for the property industry, recent figures from the Financial Services Authority (FSA) have shown a decline in home repossessions.
According to the statistics, the number of Brits losing their houses is at a two-year low, with just 10,500 having their property repossessed in the three months to the end of March 2010.
This represents an 11 per cent drop on the previous quarter's figures, which Homeowners Advice Centre spokesman Chris Jenkins explained is a "reflection of the way in which interest rates have stabilised".
He added that "if interest rates go up we will see repossessions rise, so in that respect it could be a false statistic, but I think it is an indication that mortgage lending is more realistic".
Repossessions have fallen in every quarter since the beginning of 2009, the FSA figures show.
Posted by Paul Steel
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