The third quarter of this year has seen another welcome fall in the number of mortgages in arrears and repossessions, according to the latest survey results from the Council of Mortgage Lenders (CML).
The figures show that the proportion (and number) of borrowers behind with their payments fell across each of the arrears bands.
A total of 149,400 mortgages, representing 1.33% of the entire stock of mortgages, had arrears equivalent to more than 2.5% of their mortgage balance at the end of the third quarter. This was down from 154,900 (1.38%) in the second quarter, and 159,100 (1.4%) in the third quarter of 2012.
The repossession rate also fell from 0.07% in the second quarter to 0.06% in the third quarter, its lowest level since the CML began publishing quarterly data at the beginning of 2008.
Overall, the total number of repossessions for the full year now looks likely to be fewer than 30,000, compared with the CML's start of year forecast of 35,000. And the CML's current forecast of 37,000 repossessions in 2014 will, it says, also be revised downward when the CML housing market forecasts for next year are published in December.
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