As compared to 10,600 in the last quarter and 13,200 during the same period in 2009, housing recoveries fell to 9,800 in the first quarter of 2010. The quarter also saw the volume of homeowners in debts fall from 196,400 in the previous quarter to 186,300 at present.
With mortgage debts receding from 20,700 to 19,300 over the last two quarters, buy to let landlords are now starting to flourish again. In the same period for 2009, this figure stood close to a staggering 29,000.
The persisting sentiment points to a belief that mortgage support programs have contributed to the fall in the number of housing recoveries in the short-tem. Only a sustained improvement in the state of the UK economy can guarantee low housing recoveries without the intervention of such support programs.
Despite the positive trend, the Council of Mortgage Lenders (CML) still deems that UK repossessions will swell from 48,000 in 2009 to 53,000 in 2010. This expected surge has raised alarms about the feeble condition of the UK economy.
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