Home repossessions lowest since 2007

wotsthat

http://www.bbc.co.uk/news/business-21456509

The number of homes repossessed in the UK fell to its lowest annual level since 2007, with 33,900 homes seized last year.

Repossessions for the final three months of the year also saw the lowest quarterly figure for five years, the Council of Mortgage Lenders (CML) said.

Great news.

Can't just be the 'props' either - low interest rates and forbearance have been around for long enough to allow like for like comparisons.

Wonder if CML will ever stop over-estimating how many people they think will be repossessed - they're way out every year

Mr._Pricklepants

Of course it's the props, wotsthat, how dare you suggest otherwise.
Once the props are gone, Foxy will move into your repossessed home, don't you know?

On the other hand, it might just be that with tight new lending on one hand, and the vast majority of homeowners quietly paying off their existing mortgage on the other, mewing now being non-existent and on top of that rising house prices, we're seeing a slow but steady deleveraging in the housing market.

james_toney

Mr._Pricklepants wrote: »

Of course it's the props, wotsthat, how dare you suggest otherwise.
Once the props are gone, Foxy will move into your repossessed home, don't you know?

On the other hand, it might just be that with tight new lending on one hand, and the vast majority of homeowners quietly paying off their existing mortgage on the other, mewing now being non-existent and on top of that rising house prices, we're seeing a slow but steady deleveraging in the housing market.

I agree, now and for the next couple of years will be a good time to buy

nollag2006

james_toney wrote: »

I agree, now and for the next couple of years will be a good time to buy

Not necessarily true everywhere.

The best time to buy was early 2009.

Prices in London have risen dramatically since then - and still have some way to go yet.

james_toney

yes about London, as I am not near London, i still have a bit more time, but things are picking up

wotsthat

Mr._Pricklepants wrote: »

On the other hand, it might just be that with tight new lending on one hand, and the vast majority of homeowners quietly paying off their existing mortgage on the other, mewing now being non-existent and on top of that rising house prices, we're seeing a slow but steady deleveraging in the housing market.

I'd agree and have been saying the same thing for ages. Away from the internet most people have been quietly paying off their mortgages whilst trying to reduce outgoings and increase income. Obviously it's a rather boring story so won't feature in any news articles that require an associated ticking time bomb graphic.