Number of property repossessions down for the first time in years

The number of distraint orders has dropped after climbing steadily since 2001, according to figures released by the office responsible for property seizures. With just over 300,000 property seizures registered in the first six months, the overall number of repossessions in 2010 is expected to be lower than last years’ 718,000. 2009 saw a dramatic 30 percent increase in repossessions as the crisis hit family budgets. Economists attribute the current drop to a more prudent lending policy on the part of banks and monetary institutions.