13
Aug
Decline in repossessions 'good news for the property market'
The decline in the number of properties taken into repossession is
a good sign for the property market.
Yesterday (August 12th), the Council of Mortgage Lenders (CML)
reported that there was a fall in the number of houses repossessed
in the second quarter of 2010 at 9,400 - down from 9,800 during the
first three months of the year.
As a result of these findings, CML predicted that the total number
of repossessions for 2010 as a whole is likely to be 39,000,
compared with previous estimations of 53,000.
This has come as good news for homebuyers looking for houses for
sale in the UK, as it indicates that the property market is
improving.
Responding to these findings, Money Advice Trust said that they
show a "positive sign that mortgage lenders and borrowers have to
learnt to work together".
Spokesperson for the group Helen Newton added that said that
lenders should continue to be lenient to homeowners.