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Fall in number of home repossessions.

The Council of Mortgage Lenders reports a fall in the number of home repossessions.

Home repossessions fell by 24 per cent in 2010 according to figures published by the Council of Mortgage Lenders today.

In the final quarter of 2010, 7,900 repossessions were carried out.

This figure represents a 26 per cent fall on the final quarter of 2009.

The number of mortgages in arrears also fell; 169,000 loans had arrears by 2.5 per cent or more.

Repossessions have now declined for the fifth consecutive quarter.

The council highlighted a group of borrowers - those whose arrears accounted for 10 per cent or more of loans - whose situation is not improving.

The council has also warned that repossessions and arrears could rise in 2011.

Director General Michael Coogan warned "as we go through 2011, the number of people facing payment pressures may increase if interest rates rise, and as a result of the spending cuts that have resulted in reductions in the level of public support available."

Mr Coogan advised that anyone concerned about their capacity to meet mortgage payments seek advice as soon as possible.

The council has forecast 40,000 home repossessions and 180,000 mortgages arrears cases for 2011.