FSA figures show repossessions at lowest since 2008
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Mortgage lending figures published by the Financial Services Authority last week reveal that new repossessions totalled 11,800 in Q4 2009, a decrease of 15% compared with Q3 2009 and the lowest figure since Q2 2008.
The number of new arrears cases fell in each quarter of 2009 and was down a further 9% in Q4 to 41,000. The total number of accounts in arrears fell to 378,000 by the end of 2009, a decrease of 4% in the quarter.
The proportion of the total residential loan book in arrears fell to 3.42%.
The statistics are based on around 300 regulated mortgage lenders and administrators. They differ slightly from Council of Mortgage Lenders figures that show 10,200 properties were repossessed in Q4 2009.
The difference is down to the fact that the CML’s figures are just for its members. The FSA’s include repossessions among all regulated bodies, irrespective of whether loans are regulated. The FSA also includes receiverships in its statistics while the CML does not.
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