Tackling record deficit is helping to head off risk of repossession
- Published on Friday, 10 August 2012 10:01
- Written by Scott Buckler
Government action to tackle the nation's record deficit is giving hard working homeowners vital breathing space to get on top of bills and head off the threat of repossession, Housing Minister Grant Shapps has said
Mr Shapps said that the Government's work to reduce the deficit and help keep interest rates at a record low and mortgages affordable, combined with a raft of support to help struggling homeowners, is helping to ensure that repossession remains the last resort for millions.
Latest figures from the Council of Mortgage Lenders show the number of homes taken into possession to have gone down by 11 per cent on the previous quarter to 8,500, 9 per cent less than in the same period in 2011. This is the lowest figure since the final quarter of 2010.
These figures come as the latest forecast from leading academic Professor John Muellbauer predict a brighter picture for both repossessions and arrears compared to his 2010 forecast.
Housing Minister Grant Shapps said:
"Repossession is a frightening prospect for any homeowner, and this Government has worked hard to help keep the pressure off by tackling the deficit and keeping interest rates at a record low."In these tough economic times, it's good to know that the protections in place are preventing the worst for many families. But while repossessions remain lower than anticipated, there's no room to be complacent.
"The advice and financial support is in place to prevent anyone from reaching that last resort measure of repossession. I would urge anyone feeling the pinch to take advantage, and seek help as soon as possible."