In 2007 the total number of mortgages repossessed was 25,900.
This rose to 48,900 in 2009 and has been gradually falling year-on-year to 28,900 by the end of 2013 representing 0.26% of outstanding mortgages.
CML director general Paul Smee said: “Mortgage arrears and repossessions continue to fall with low interest rates, relatively strong employment, and lender practices all combining to keep most people in their homes even if problems arise.”
Meanwhile, mortgage administrator and servicer HML has predicted this will fall further in 2014.
It forecasts a further 13% decrease in repossessions this year to 25,057, based on the CML’s data.
Northern Ireland is expected to have the highest repossession rate for 2014 with 2,606 possessions while Greater London is forecast as having the second highest repossession rate this year with 2,993 properties.
Historically, owner-occupied mortgagors have fared better than buy-to-let mortgagors when compared to 2007 data.
In 2013 there were 23,100 owner-occupied possessions compared to 23,800 in 2007.The peak of activity reached 44,100 in 2009, mirroring the trend in total possessions data.
Although buy-to-let possessions fell by 16% in 2013 compared to the year before, possessions still remained high compared to 2007.
In 2013, the CML reported 5,800 repossessions took place compared to 2,100 repossessions in 2007.
But the peak of activity for the buy-to-let market was 2012 when repossessions climbed to 6,900.
Prior to this, all years except 2011 produced lower numbers of repossessions than 2013.
But the number of second charge mortgages repossessed in 2013 increased year-on-year, but from a low base, according to data from the Finance and Leasing Association.
In 2013, 676 properties were repossessed by second charge mortgage lenders, up 7.6% compared with 2012.
Fiona Hoyle, head of consumer finance at the FLA, said: “Second charge mortgages will be regulated by the Financial Conduct Authority from April and must comply with the Mortgage Directive when it is introduced in 2016.
“We hope the new rules governing the secured lending sector will facilitate closer collaboration between first and second charge mortgage lenders in repossession cases to avoid the potential for duplicate court proceedings and costs for consumers who are already in financial difficulty.”
