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UK home repossession orders down 29 percent

Source: Reuters - Thu 12th Aug 2010

There were 13,389 orders for UK Home repossessions made between January and March.

However, 46 percent of the orders were suspended, the same proportion as in the previous quarter, meaning the total number of actual home repossessions is likely to be lower.

Only 9,800 properties were actually repossessed in the first quarter of 2010, the last period for which data is available.

Low interest rates for existing home owners and the absence of a big surge in unemployment to date have meant there has been far less of a surge in repossessions to date than in the aftermath of Britain's previous recession in the early 1990s.

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