It looks like the slight pick up in the housing market has had a positive affect on the Good bank/Bad bank Northern Rock. After the EU announced the black and white bank had been a little grey when lending and split it in two last week, the housing market rise has helped Northern Rock reduce it’s overall number of repossessions.
Their figures were released today (Wednesday) and show a halving in the number of repossessed homes, bringing it down to 2000, compared to the same period last year. Whether the reduction is due to home-owners dodging foreclosure through a sell and rent back scheme or other form of quick house sale is unclear.
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