Home repossessions fall

A report by The Council of Mortgage Lenders (CML) states that the rate of repossessions in the first quarter of the year was down by 17% compared to the same period last year.

Around 8000 properties were repossessed in the first three months of 2013 and The CML report that a fifth of those were buy-to-let properties.

In a separate report by The CML shows that the buy-to-let market is growing, the first quarter accounting for over 13% of the mortgage market.

The rise is being attributed to low interest rates and continued employment with The Bank of England today announcing that it will hold its record low benchmark rate at 0.5pc continued growth is predicted.