Thursday, February 10, 2011

Protecting young people from the spectre of affordable housing…

Home repossessions fell by 24% in UK during 2010

"The number of homes repossessed in the UK last year dropped by 24% to 36,300, the Council of Mortgage Lenders (CML) has said. The number of people in arrears by 2.5% or more of their outstanding loans also fell last year, by 13% to 169,600. The continued low level of interest rates has helped many home owners in financial difficulties. However, the CML repeated its warning that arrears and repossessions may rise this year. "As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available," said the CML's director general Michael Coogan." Yup, keep the pressure on the MPC!

Posted by mark wadsworth @ 10:20 AM (956 views)
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4 thoughts on “Protecting young people from the spectre of affordable housing…

  • Seriously, this should encourage the MPC to increase rates. I mean what kind of indicator is it that after the biggest asset bubble ever and with unemployment still high, repossessions go down? Surely this tells them that policy has erred on the side of too easy? A neutral interest rate would surely cause more repossessions than that, even in normal times.

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  • ontheotherhand – I’ll tell you what kind of indicator it is, it’s an indicator that now the government own a huge chunk of the lenders, they are willing and able to dictate that repossessions must go down to prevent a collapse in house prices.

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  • sibley's b'stard child says:

    The CML don’t miss a trick in their ‘don’t raise IRs’ plea.

    Either that or the ‘get banks lending more’ plea.

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  • Fantastic headline Mark!

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