Following the release of numerous arrears and repossession data over the past few days, experts believe repossessions will be under 50,000 for 2009 – a great deal fewer than predicted.
Statistics on mortgage and landlord possession actions in the county courts for the third quarter of 2009, released by the Ministry of Justice, found that 24,337 mortgage possession claims were issued on a seasonally adjusted basis, 37% lower than in the third quarter of 2008 and 7% lower than in the second quarter of 2009.
Of these 17,134 mortgage possession claims led to orders being made on a seasonally adjusted basis, 35% lower than in the third quarter of 2008 and 9% lower than in the second quarter of 2009. 44% of mortgage possession claims leading to orders being made were suspended compared with 47% in the third quarter of 2008 and 46% in the second quarter of 2009.