Tuesday, September 15, 2009
Keepin’ the bubble inflated … but for how long?
"A total of 13,610 properties were repossessed during the three months to the end of June, nearly 1,300 fewer than during the previous quarter but still 23% higher than for the same period of 2008, according to the Financial Services Authority. The FSA said the fall in repossessions was likely to be due to the introduction of the pre-action protocol in November last year, under which courts can only grant a repossession order if all other measures to keep someone in their home have failed. The Government has also launched a raft of initiatives to help people who are struggling with their mortgage, while lenders are showing greater forbearance and low interest rates are helping to keep repayments more affordable."