National property managing agent Rushbrook & Rathbone says that repossessions of landlords’ properties has shot up this year.
The claim followed a new report by the Council of Mortgage Lenders which said that the number of repossessions in the second quarter of 2012 fell to the lowest since the final quarter of 2010.
But Sarah Rushbrook said: “During our 25 years of business, we have only experienced and dealt with very few repossession cases. In the first half of 2012, however, our total figure doubled.
“Looking at the statistics on paper, it would appear to contradict the recent findings from the CML that actually repossessions have finally declined, as we were seeing the opposite happening.”
She said that most of the repossessions were because landlords were not just in arrears but had failed to inform their mortgage lender that they were letting their property, despite being advised by their letting agent that they must do so.
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