By Daniel Hunter

The number of homes repossessed fell for the second consecutive quarter as a result of low interest rates and increased competition in the mortgage market, according to the Council for Mortgage Lenders (CML).

There were 5,000 homes repossessed in the third quarter of 2014. That compares with 5,400 in the previous quarter and 7,200 in the same quarter last year.

Low interest rates have kept mortgage repayment as low as possible for around 5 years. And the CML said that mortgage lenders are increasing support for customers in anticipation of an increase in interest rates.

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