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Number of repossessions declines
British mortgage lenders repossessed seven per cent fewer homes in the first half of 2011 than they did in the first half of 2010, their industry body said yesterday. The Council of Mortgage Lenders said 9,000 repossessions took place in the second quarter of 2011, down from 9,100 in the first quarter. Repossessions totalled 18,100 in the first six months of 2011, versus 19,500 in the same period of 2010. The CML also revealed that buy-to-let loans soared by 21 per cent in the three months to June, although this was mainly driven by remortgaging.