New Ministry of Justice (MOJ) figures released show that courts in England and Wales made 29% fewer mortgage repossession orders between April and June this year than over the same period in 2009. As a result the number of repossessed houses dropped as well as the CML forecast for the remainder of the year.
There were 13,389 orders for home repossession, down from 18,813 a year ago, but with 46% of the orders being suspended, the actual number of properties repossessed is likely to be lower. In the first quarter of 2010, 9,800 properties were actually repossessed, lower than expected due to low interest rates and an absence of a massive unemployment surge.
