Repossessions' At Seven Year low

Property repossessions are at their lowest levels since 2007 according to new figures.

As the Governor of the Bank of England appeared on the BBC's Andrew Marr Show at the weekend, he indicated to viewers that the UK housing market is 'generally recovering'.

But as the new figures published this week offer renewed optimism for homeowners feeling the financial pinch, the report also highlights the size of the north south divide.  There are 33 percent more repossessions in the north than the south of the country.

In an interview with Today's Conveyancer, Richard Sexton, Director at E.Surv chartered surveyors commented on the new figures.  "Falling homeowner arrears and repossessions are another barometer that underlines the steady economic recovery".

Speaking of the impact on ordinary households across the country, Mr Sexton adds "For the most squeezed households at the bottom, the mist is finally starting to lift too, and the number of borrowers in severe arrears has fallen for the first time year-on-year since 2010".

Attributing the improving property market picture to record low interest rates, low unemployment and steadily rising property prices, Mr Sexton has advised caution about the future of the market as we move forward with such low rates

"The Bank of England granted borrowers a temporary reprieve when it signalled that interest rates are unlikely to rise before next years' election". Warning of a sudden increase in mortgage repayments when the base rate does eventually rise, he reminds us that despite leaps towards recovery the property market is not yet out of the water.

To speak to our Manchester property conveyancers please call our solicitors on 0161 492 0300 and we will get back to you ASAP.

Crumpsall Solicitors

Manchester