Home repossessions due to mortgage defaults 'down in York'

Date:Tuesday 16th June 2009
Author: Max Freedman

The number of people in York who are having their homes repossessed because they are unable to make their mortgage repayments has fallen.

This is according to figures cited by the Press in York, which suggested that 95 mortgage possession claims were issued in the city during the first quarter of this year, compared with around 150 during the same time in 2008.

Responding to the findings, debt advisors at the local Citizens Advice Bureau suggested they could be the first signs of economic recovery in the region.

However, bureau manager Rosemary Suttill stated that the situation could in fact be more complicated than it appears.

She commented: "It may be that the mortgage providers are seeing very little sense in repossessing homes because they have got a lot of properties on their hands because it's not time for selling them on."

Earlier this month, Legal & General conducted a poll among mortgage advisors and discovered that more than half of them predicted that the industry will improve over the next three months.