Dramatic decrease in repossession orders
Reading time: 1 minute
Just over a thousand repossession orders were granted by district courts last year and the number of legal proceedings initiated by banks has dropped by half in the last two years.
And, in most cases, judges refused to grant orders.
It is thought that banks are fearful of bad publicity, wary of becoming involved in lengthy legal processes and hope mortgagees will take advantage of rising property prices to shrink debt burdens.
The Irish Independent reports that new Courts Service figures show that a total of 3,665 proceedings were issued across the country last year.
Repossession orders were granted in 1072 cases. The Courts Service figures show that circuit court judges refused 1,826 orders for possession last year.
Buy-to-let properties featured in only a small minority of cases with the overwhelming majority relating to residential homes.
There was a 20 per cent reduction in the number of repossession orders granted for family homes compared with the previous year.
Some 33,400 residential mortgage accounts remain in arrears for more than two years.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
