© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.
Data released by both the Ministry of Justice and the Council for Mortgage Lenders suggest the number of properties taken into possession and the level of mortgage arrears continuing to decline.
Simon Rubinsohn, RICS Chief Economist said: “We now expect mortgage repossessions to total no more than 37,000 for the whole of this year which compares with 46,000 during 2009. Low interest rates continue to play a key role in preventing the number of repossessions climbing towards levels seen in the early 1990s. Prompt government action, the effectiveness of mortgage protocol from lenders and a smaller rise in the jobless total have also all played a role.
Rubinsohn also stated that low interest rates will continue to help homeowners, but unemployment might be subject to pressure from cuts in public spending. However, the decision of the government to stick with the existing eligibility criteria for mortgage interest support should help minimise the prospect of a further material rise in the number of mortgage repossessions.