Drop in repossessions noted in Q1 of 2010

Thursday, May 13th 2010

The number of Britons who struggle financially in terms of mortgages may have dropped, with fewer repossessions noted in the first quarter of 2010.

According to the Council of Mortgage Lenders (CML), the amount of mortgages in arrears also dropped.

Some 9,800 repossessions were carried out during this period - down from 10,600 in the previous quarter.

And there were 186,300 loans in arrears at the end of the first three months of the year - a decrease from the 196,400 over the previous quarter.

Michael Coogan, CML director general, said: "We cannot emphasise too strongly the importance of continuing to fund the support mechanisms that are proving effective in containing mortgage arrears and repossessions."

This is particularly important during a time when much focus is on the new government, she added.

David Cameron was appointed as Prime Minister on May 11th and this week set about forming his coalition government with the Liberal Democrats.