Property repossessions have rocketed by 14% since the end of 2010 but have fallen by 7% year on year, according to figures released today by the Council of Mortgage Lenders (CML).

The figures revealed that 9,000 properties were repossessed in the second quarter of 2011, which was 100 less than the first quarter of this year but 1,100 more than the final quarter of 2010, when 7,900 properties were taken into possession. Despite the six month rise, the second quarter total represents a 7% fall in the rate of repossessions, which stood at 9,400 for the corresponding quarter of 2010.

Paul Smee, director-general of the CML, said: "Mortgage repayment problems have stabilised against a current backdrop of stable employment and low interest rates. Despite current uncertainty in financial markets, we see no need to revise our forecasts. "It is clear from the low rate of repossession that lenders do want to keep people in their homes, and are successfully doing so in the vast majority of arrears cases. Repossession really is seen as a last resort."

Meanwhile the Finance and Leasing Association (FLA) also published figures today which revealed that the number of second-charge mortgage repossessions rocketed by 46% in the second quarter to 234 from 160 in the final quarter of 2010. Despite the significant six month rise, second-charge repossessions for the first half of

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