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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/repossessions-at-threeyear-low.jpg"><img class="alignnone size-full" title="The number of householders who had their homes repossessed fell to a three-year low in 2010, figures show" src="http://londonglossy.com/wp-content/uploads/2011/02/min-repossessions-at-threeyear-low.jpg" alt="The number of householders who had their homes repossessed fell to a three-year low in 2010, figures show"/></a></p>
<p>The number of householders who had their homes repossessed fell to a three-year low in 2010, figures have shown. </p>
<p>Around 36,300 properties were taken back by lenders in the year, 24% fewer than 2009 and the lowest level since 2007, the Council of Mortgage Lenders (CML) said.</p>
<p>The number of repossessions fell during the fourth quarter, with 7,900 people losing their homes, down 11% from 8,900 in the third quarter. This was the fifth consecutive quarterly decline in repossessions, which have steadily dropped since their peak in 2009.</p>
<p>The number of people losing their home has been lower than expected during the economic downturn due to a combination of low interest rates, increased lender forbearance and a raft of Government schemes to help struggling borrowers.</p>
<p>Despite the decline in figures, the CML expects repossessions to rise again in 2011 as the Government&#8217;s deficit-busting spending cuts gather pace and interest rates start to increase. The CML said it expects 40,000 repossessions in 2011, as changes to a number of initiatives to help struggling homeowners are also brought in.</p>
<p>The previous government introduced the Mortgage Rescue Scheme, under which people can sell some or all of their home to a social landlord and rent it back, but the price that will be paid for properties is set to be reduced.</p>
<p>Following the figures, CML director general Michael Coogan said: &#8220;Lenders are continuing to work hard to help their borrowers who face temporary financial difficulties.&#8221;</p>
<p>He added: &#8220;As we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available.&#8221;</p>
<p>There was also an improvement in the number of people who have ended the year with mortgage arrears of more than 2.5% of the outstanding sum of their loan &#8211; which at 169,600 was a 13% drop on the previous year end.</p>
<p>David Birne, insolvency partner at HW Fisher &#038; Company chartered accountants, said the figures were encouraging but sounded a cautionary note for the months ahead. He said: &#8220;A big saviour for many households has been the low interest rate environment. Rates have been at record lows for an inconceivably long time, but at some point this will end.&#8221;</p>
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