CML sees sharp drop in repossessions

There was good news for the housing market as figures showed the number of repossessions in the UK in 2012 fell to their lowest level since 2007.

Just under 34,000 homes were seized in 2012, the Council of Mortgage Lenders said. In 1991 there were 75,000 repossessions, while three years ago there were almost 50,000.

"The fall in arrears and possessions is obviously very welcome. Households fall into difficulty for a variety of reasons, most of which cannot be anticipated," the CML's director-general Paul Smee said.

Separately repossession actions started in the courts in England and Wales fell slightly in the final quarter of 2012, according to Ministry of Justice data, to 14,130 from 14,168 in the previous quarter.

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