The data released this morning shows a very stable picture in the third quarter, after a small fall in the number of court orders compared to a year ago.
While MoJ figures report the number of actions entered and orders made, the CML has asserted that its half-yearly figures are the only regular source of information that relate to actual possessions of properties in the UK - the next set is due to be published on 8 February 2008.
The last set of figures published by the CML reported that the number of properties taken into possession in the first six months of 2007 was 14,000.
The recent CML housing market forecasts for 2008 estimated the number of repossessions to total 30,000 (0.25% of all mortgages) in 2007, and 45,000 (0.38% of all mortgages) in 2008.
The CML also pointed out that its figures are historically lower than those from the MoJ due to substantial differences in the sets of data.
The MoJ figures (covering only England and Wales) relate to court activity which may not result in a possession. Possession proceedings can be abandoned right up to the last minute, even after an order has been granted lenders will not enforce it if a satisfactory payment plan can be agreed with the householder. Lenders may use court proceedings to help ensure that households in arrears have a firm commitment to a payment plan designed to get them back on track
The CML figures relate to the whole of the UK, but to first charge lending only. They do not include possessions as a result of court proceedings by other secured lenders (known as second or subsequent charge lending). Occasionally several court proceedings may apply to the same individual, for example where different lenders holding the first charge and a subsequent charge seek an order from a court at the same time.
