Repossessions rise by 12 per cent

The number of properties repossessed by mortgage lenders rose by 12 per cent to 11,300 in the third quarter of the year according to figures from the Council of Mortgage Lenders (CML). The number of borrowers in arrears also increased by 8 per cent from the previous quarter, while the number of repossession orders issued by the courts went up 3 per cent for the same period. The data indicated that 1.44 per cent of mortgages were at least three months in arrears by the end of September, up from 1.33 per cent at the end of June. The CML said its forecast had not changed in light of the figures but that it would be ‘premature’ to predict what might happen in 2009.