According to figures released by the Ministry of Justice, the number of property repossessions for mortgage and rent arrears fell sharply in the first quarter of 2009 compared with 2008. The drop was more than 40 per cent and was far larger than anticipated.
It is thought that the reasons for this were reductions in interest rates, which make mortgages more affordable, and the reluctance of landlords to seek to repossess premises when rent is in arrears because of the potential difficulty of finding new tenants.
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Repossessions Fall
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