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U.K. Asset Resolution Says Repaid Taxpayers 1.9 Billion Pounds

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Aug. 6 (Bloomberg) -- U.K. Asset Resolution Ltd., which includes the Treasury’s holdings in Bradford & Bingley and Northern Rock Asset Management Plc, repaid 1.9 billion pounds ($2.9 billion) to taxpayers in the first half.

Mortgage accounts three months or more in arrears declined by 17 percent to 21,332 since the start of the year, the company said in a statement today. That, together with a 79.2 million-pound fall in impairments, helped increase underlying pretax profit by 10 percent 529 million pounds, UKAR said.

“There are signs that a modest recovery of the U.K. economy is emerging, both in the wider economy and in the housing and mortgage markets,” the company said in the statement. “House prices have increased in the first half, when many commentators had expected them to fall and with continued low rates of interest, this is good news for homeowners.”

UKAR said it has about 565,000 mortgage accountholders, down from 586,000 in 2012. The number of properties the company repossessed declined to 3,550 from 3,871 in the year-earlier period.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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