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A further rise in the number of repossessions is likely to occur in 12 months’ time, it has been suggested.

Ian Boden-Smyth, money advice coordinator at the UK Insolvency Helpline, said things may be looking good at the moment, although the situation could change.

He continued: "The key to repossessions staying at a low rate will be purely interest rates staying at a low rate.

"If they go up – three, four, five, six per cent – that is where the problems are going to arise."

Mr Boden-Smyth believes recent statistics which showed a fall in the number of repossessions may "just be a sticking plaster" and that the real situation is yet to become apparent.

The Office for National Statistics revealed earlier this month that the employment rate for people of working age was 72.7 per cent in the three months to June – down 0.9 percentage points on the previous three months.

In addition to this, the unemployment level was 2.43 million – up 220,000 on the previous three months and up 750,000 on the year.

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