Home repossessions at lowest level since 1982, figures show

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By Lana Clements

Some 7,700 repossessions took place in 2016, down nearly 25 per cent on the 10,200 cases seen in 2015, the Council of Mortgage Lenders (CML) said.

The annual total was the lowest seen since 6,900 repossessions were recorded in 1982.

Repossessions have been generally declining since reaching a recent peak of 48,900 cases in 2009.

Ultra-low mortgage rates have been keeping borrowers’ mortgage payments relatively affordable.

The CML also said the number of mortgages in arrears fell during the course of 2016.

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