According to the organisation, the number of repossessions in 2014 dropped to 21,000, down from the 28,900 seen in 2013 – the lowest the figure has been since 2006. Out of the 21,000, 4,900 were on buy-to-let properties and 16,100 were on owner-occupied residences.

In addition, there were fewer mortgages in arrears by the end of 2014 than at any point since 2006, with the main reasons behind mortgage difficulty emerging as interest rates and income shocks like unemployment.

"The relatively low rate of repossession among owner-occupiers - around 1 in 600 mortgages last year - should help to reassure borrowers that, if they do face payment difficulties, lenders will work with them to try to resolve their problems. Repossession is only ever a last resort,” Paul Smee, director-general with the CML, remarked.

He went on to note, however, that homeowners should not go forward thinking that the low interest rates being seen right now will continue forever and borrowers need to look to the future, thinking through any borrowing now to make sure it will still be affordable when rates rise once again.

Late last month, the CML also revealed that gross mortgage lending had reached £16.5 billion in December 2014, unchanged month on month in comparison with November but a drop of one per cent compared with December 2013.