The Council of Mortgage Lenders (CML) has published its latest statistics on repossessions and arrears. The statistics show that the number of repossessions in the first quarter of 2016 was 2,100 (1,500 home-owner, 600 buy-to-let), meaning that the repossession rate is the lowest on record.
Mortgage arrears also continued to fall. For the first time in more than a decade, the number of mortgages in arrears of 2.5% or more fell below the 100,000 mark, with 96,200 loans in arrears at the end of March, down from 101,700 at the end of December, and 111,200 at the end of the first quarter of 2015.
Similarly, the Finance & Leasing Association (FLA) has published its figures on second-charge mortgage repossessions. These figures show that the number of second-charge mortgage repossessions in Q1 2016 was 34, down 52.8% on the same quarter in 2015.