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Repossessions and mortgage arrears dip to a six-year low
HOUSE repossessions and the number of mortgages in arrears have fallen to their lowest levels since 2008.
At the end of the third quarter, the proportion of mortgages with arrears equivalent to 2.5 per cent or more of the total mortgage value was 1.12 per cent – down from 1.18 per cent in the second quarter and 1.33 per cent in the third quarter of last year, according to figures released yesterday by the Council of Mortgage Lenders.
The number mortgages in arrears was 125,100 – down from 131,400 in the second quarter and 149,400 in the third quarter of last year.
During the third quarter, the proportion of all mortgaged properties taken into possession by lenders was 0.04 per cent – or 5,000 properties.