Home repossession figures fallen from peak

Posted: 18 Dec 2009 11:56:48 GMT

The number of homes that are being repossessed has fallen from the peak that was reached at the start of 2009, new figures suggest.

A report from the Financial Services Authority states that 14,000 houses were repossessed in the third quarter of the year.

While this number is five per cent lower than the first quarter of 2009, it is a rise of 2.8 per cent compared to the second quarter of the year.

Russell Hamblin-Bone, head of communications at the Finance and Leasing Association, says: "We have seen a fall in the number of repossessions that are happening in quarter three [and] we give a cautious welcome."

However, he goes on to add that it is still important that measures are put in place to help homeowners avoid repossession.

On Tuesday (December 15th), housing minister John Healey announced that the government will provide an extra £4 million of funding to ensure that free advice for families facing the threat of repossession continues into the new year.

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