11 February 2010

Reaction to CML repossession statistics

In response to the latest repossession statistics from the Council of Mortgage Lenders, Ian Potter, Operations Manager of the Association of Residential Letting Agents (ARLA), comments:

“The most emotive aspect of the recession has been the prospect of families losing their homes. The Government’s initial response to the threat to Britain’s homeowners – and tenants - was slow and disjoined but the statistics suggest that the worst case scenario has been avoided, for now, as many properties have been through the legal system without the lender taking repossession. The risk of repossession being enforced is still a threat for those homeowners and landlords.

“We must not labour under illusions as the threat to the property market is ongoing and very real. The Government schemes to assist mortgage repayments must remain in place and a close watch kept on the market.  ARLA’s own research shows that rental arrears are at high levels and this is indicative that financial pressures on the public remain in place.

“If the Government can work with the mortgage lenders to ensure that everything is done to ensure that families can stay in their homes, then one of the most worrying consequences of the recession can be minimised.”

ENDS

Editor Notes:

The Council of Mortgage Lenders’ quarterly repossession statistics show that 10,200 properties were repossessed in the 4th quarter of 2009, a 13% drop from Q3. This brought the total number of repossessions during 2009 to 46,000.

About ARLA

The Association of Residential Lettings Agents (ARLA) was formed in 1981 as the professional and regulatory body for letting agents in the UK. Today ARLA is recognised by government, local authorities, consumer interest groups and the media as the leading professional body in the private rented sector. ARLA is a sister organisation to the National Association of Estate Agents (NAEA).

In May 2009 ARLA became the first body in the letting and property management industry to introduce a licensing scheme for all members to promote the highest standards of practice in this important and growing sector of the property market. Both ARLA and NAEA members are governed by Codes of Practice providing a framework of ethical and professional standards at a level far higher than the law demands, and both Associations have their own complaints and disciplinary procedures so that any dispute is dealt with efficiently and fairly.

For further information contact: NFOPP PRESS OFFICE

Tel: 020 3128 8181 E-mail: press@nfoppmedia.com