Its latest quarterly figures revealed there were a total of 18,100 properties taken into possession by lenders during H1 compared to 19,500 in the first six months of 2010. In Q1, repossessions totalled 9,100 before falling slightly to 9,000 in Q2.

The number of mortgages in arrears remained largely unchanged quarter-on-quarter. However, the number of mortgages with low levels of arrears rose slightly, while those in deep arrears fell.

Arrears of between 1.5% and 2.5% of the outstanding balance rose from 77,800 in Q1 to 78,500 in Q2, while arrears of more than 2.5% fell from 166,700 to 164,500.

Overall, arrears of more than 1.5% fell slightly in Q2 to 243,000, down from 244,500 in the first three months of the year.

Despite the economic uncertainty, the CML said that it saw no need to revise its arrears and possessions forecasts, given that mortgage repayment problems appear to have stabilised.

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The CML has forecast 40,000 repossessions in 2011, rising to 45,000 in 2012, and 180,000 mortgages in arrears of 2.5% or more this year.

CML director general Paul Smee said: “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.”

Mark Blackwell, managing director of xit2, said, “Arrears and repossessions remain low for now, but are like an iceberg waiting to hit the property market. There is a lot of trouble hidden out of sight, just below the surface.

“Our repossession exchange has already seen a conspicuous uplift in repossessions for one lender, probably driven by a change in forbearance rules. As these become less generous across the industry, we’ll start to see more of the iceberg that’s been lying unseen, under the water line.”

Chris Gardner, director of Obligo.co.uk, said: “The figures are being kept artificially low by two important factors: the interest rate is at a historic low and lenders have shown remarkable forbearance.”

He warned that lenders’ forbearance and low rates would not last forever: “Together they form an arrears timebomb, which will go off as soon as rates rise next year.”

Meanwhile, figures from the Finance & Leasing Association (FLA) showed that the number of second charge mortgage repossessions fell 12.8% to 429 in H1 compared to the first half of 2010.

The FLA has predicted second charge repossessions will total less than 900 by the year end.