The number of homes being repossessed has fallen by 7.5% in the UK during the first three months of 2010 according to lenders
. Figures show that the amount of homes being repossessed has fallen from 10,700 (during the final months of 2009) to 9800 during the first three months of 2010. The rate was also lower than the rate of 13200 for the same time exactly one year ago. These figures are promising as the UK begins to recover from the economical difficulty shown in 2009.
Lots of home owners are still vulnerable to falling behind on mortgage payments however the Council of Mortgage lenders has said that the initial 53000 figure for repossessions will not be revised until the summer of 2010 due to the amount of uncertainly still surrounding the economy.
The amount of homes being repossessed is now at its lowest in two years down by 7.5 per cent in relation to the previous three years figures. Low interest rates have obviously been the cause of how people have been able to fend off repossessions. The data also shows the amount of mortgage policy holders falling behind with their payments has declined within the first three months of the year.
Six hundred and twenty nine households were given help under the government run mortgage rescue scheme put into place in England during January 2009. At the start of the scheme it was said that over six thousand households would benefit. The system provides people with help via two routes; The first route involves giving people the chance to sell their homes to their local authority and then remaining living there as a tenant, the second involves them selling part of their home in order to reduce mortgage payments and release some equity.
The fact that repossessions have fallen by a considerable percentage for the first quarter of 2010 suggests that the economy is starting to recover and that more people are beginning to explore the other routes available to them before repossession.