Reposessions fall to two year low, mortgage arrears also decreasing

HAMISH_MCTAVISH

A total of 10,500 home owners had their property repossessed during the three months to the end of March, 11pc fewer than during the previous quarter, according to the Financial Services Authority.


There was also a drop in the number of people who fell behind with their mortgage during the period. Around 40,500 people got into arrears during the first quarter, 2pc fewer than during the previous three months.



The fall contributed to a further improvement in the total number of people who were in mortgage arrears for the third consecutive quarter, with 362,000 behind on their home loan, the equivalent of 3.23pc of all mortgage holders.

The figures are in line with ones published by the Council of Mortgage Lenders for the same period, which also showed that repossessions had fallen to a two-year low of 9,800

Reposessions and arrears continue to improve.

Good news.:beer:

brit1234

So they start falling when interest rates have been slashed to 0.5%. What happens when rates go up, BOE members have started voting now for increases.

Also the Labour government put the banks under preasure not to reposses before the election. Be interesting to see what happens now after the election.:doh:

HAMISH_MCTAVISH

brit1234 wrote: »

So they start falling when interest rates have been slashed to 0.5%.

But the rates people are paying is still more like 5%.....

What happens when rates go up, BOE members have started voting now for increases.

No.

One BoE member voted for a rate rise, that's singular, not plural.

However as inflation is now falling, chances are that BoE member will start to look like a bit of a t1t shortly, and there is zero prospect the rest will joing him any time soon.

Also the Labour government put the banks under preasure not to reposses before the election. Be interesting to see what happens now after the election.:doh:

It will indeed.

And when the banks continue not to reposess as it's in their commercial self interest not to do so, you're going to look like a bigger t1t than that BoE member.

Still, nothing you're not used to, eh Brit?:D

System

brit1234 wrote: »

BOE members have started voting now for increases.

Are you just plain ignorant or lying?

brit1234

Joeskeppi wrote: »

Are you just plain ignorant or lying?

BBC NEWS
A member of the Bank of England's Monetary Policy Committee (MPC) has called for a rise in interest rates for the first time in almost two years.

Andrew Sentance voted to lift rates to 0.75% from the record low of 0.5%, due to stubborn inflation, minutes show.

http://news.bbc.co.uk/1/hi/business/10388674.stm

As evidence outways Bullish standpoints increasingly now some seem now to result to nasty coments as they can't win the argument anymore.

Joeskeppi I forgive your last coment

chucky

brit1234 wrote: »

So they start falling when interest rates have been slashed to 0.5%. What happens when rates go up, BOE members have started voting now for increases.

Also the Labour government put the banks under preasure not to reposses before the election. Be interesting to see what happens now after the election.:doh:

the usual frothers society is not happy that repossessions have fallen.

how pathetic :eek:

1 vote out of 9 from about 20 meetings - that's 1 vote out of about 180 times they've voted... clutching at straws once again...

brit1234

chucky wrote: »

the usual frothers society is not happy that repossessions have fallen.

how pathetic :eek:

1 vote out of 9 from about 20 meetings - that's 1 vote out of about 180 times they've voted... clutching at straws once again...

Yet again you are clutching at the past to defend your argument of today.

I simply put this as a transition period and high light how things are starting to change this last couple of months.

You can keep repeating last year but it holds very little value today.

chucky

rubbish - you're actually coming across as gutted and disappointed that repossessions haven't risen to suit your quest to buy a cheap house.
chin up anyway - never say die. that's the spirit.

ess0two

Cue...the line 'not round my way,its repo city'

Procrastinator333

chucky wrote: »

rubbish - you're actually coming across as gutted and disappointed that repossessions haven't risen to suit your quest to buy a cheap house.
chin up anyway - never say die. that's the spirit.

Personally, I don't see what part of brits replies implies he is gutted repossesions haven't risen.

I disagree with Brit in that I don't see interest rates rising any time soon. The VAT rise is the next excuse for ignoring inflation from the BOE. I also think ignoring a bit of inflation is the best thing to do.

chucky

Procrastinator333 wrote: »

Personally, I don't see what part of brits replies implies he is gutted repossesions haven't risen.

you obviously don't know Brit's style

btw did he say that he was happy that repossession numbers had fallen?
i think not...