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Fewer homes repossessed, research shows

17/12/2009

There was a decrease in the number of homes repossessed during the third quarter of 2009, compared to the start of the year, according to the Financial Services Authority (FSA).

However, the figures also reveal that home repositions were up 2.8 per cent in the third quarter compared to the previous three months.

Russell Hamblin-Boone, head of communications at the Finance and Leasing Association, said there should be a "cautious welcome" to the statistics and added that they the situation is "improving" for many people.

But he also noted that advice for homeowners in a bid to help them avoid losing their houses is "just as important" now as it was at the beginning of the year.

The FSA figures came on the same day as the publication of Citizens Advice, Shelter and AdviceUK's Turning the Tide? report which says that there needs to be a strengthening of measures to help struggling homeowners avoid repossession.

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Posted by Carla Spuri.
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