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|Mortgage arrears and repossessions continue to fall in second quarter|
|Thursday, 13 August 2015|
The repossession rate - already at its lowest since records began - continued to fall in the second quarter of 2015, according to latest data from the Council of Mortgage Lenders (CML). In that period, the rate was 0.02% - equivalent to just 1 in 5,000 mortgages. Arrears also continued to fall.
There were 2,500 properties taken into possession in the second quarter, down from 3,000 the previous quarter and 5,400 in the second quarter of last year. Of these, 1,800 were in the owner-occupier market, and 700 in the buy-to-let market. However, as in the first quarter, the current flow of repossessions probably continues to remain lower than the underlying trend would imply, even though arrears are also falling [see note 3 to editors].
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