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Tackling deficit 'helping to safeguard against repossession'

Property owners across the UK are benefitting from the government's efforts to bring down the country's deficit, as this is helping to stabilise repossession rates.

According to figures from the Council of Mortgage Lenders, the number of repossessions that have taken place in the year so far is nine per cent lower at present than at the same point in 2011.

Housing minister Grant Shapps stated that the government's efforts to keep inflation down, make mortgages affordable and to keep interest rates at record low levels are helping to give property owners much-needed breathing space in the present economic environment.

Mr Shapps commented: "Repossession is a frightening prospect for any homeowner, and this government has worked hard to help keep the pressure off by tackling the deficit and keeping interest rates at a record low.

"In these tough economic times, it's good to know that the protections in place are preventing the worst for many families. But while repossessions remain lower than anticipated, there's no room to be complacent."

He added that anyone presently feeling the pinch in terms of their finances and who is unsure if they can meet their responsibilities in terms of mortgage payments should make use of the many support services offered both by the government and other independent bodies throughout the UK.

Meanwhile, chief executive officer of Travis Perkins Geoff Cooper recently argued the government needs to do more to promote recovery in the UK construction sector.

He claimed that up to £40 billion of stalled projects are presently sat in limbo across the UK and therefore, homes that could be being built to help tackle the UK's ongoing housing crisis are simply being ignored.

Mr Cooper also highlighted how reinstating many of these schemes would provide a significant boost to employment and to the economy as a whole. 

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