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New figures released by the Council of Mortgage Lenders (CML), show that the number of residential property repossessions remained relatively stable in the first quarter of this year.

According to the CML, some 9,600 residential property repossessions were recorded in the first three months of 2012, approximately the same amount recorded in the same quarter in 2011, although repossession statistics are up by 10% on the fourth quarter of 2011.

The CML have stated that the results of their findings correspond with a typical seasonal trend in UK property.

As a direct result of its findings for the first quarter of the year, the council of mortgage lenders may have to revise the repossession forecast for 2012 downwards from the expected 45,000 repossessions.

However, in a statement, the organisation added: “Continuing pressures on household finances, changes to welfare benefits and an upward drift in mortgage rates all have the potential to disrupt the current stable picture.”

The CML also indicated that the first quarter of 2012 saw a drop in the number of mortgages with arrears of 2.5% or more of their outstanding balance, dropping from 160,300 to 157,800 on a quarterly basis.

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