News
Repossession figures continue to fall
17 March 2010
According to new figures releases by the Financial Services Authority (FSA) the number of homeowners falling behind in their repayments or having their properties repossessed fell in the last three months of 2009.
The FSA announced that the arrears cases in the fourth quarter of last year fell to £41,400, a 39% drop from the figures seen at the end of 2008. The total number of cases in arrears also fell by 4% from the third quarter, standing at 377,900.
Repossessions have seen the biggest drop, falling 15% in the final three months of 2009, totally 11,752 for the quarter and 54,055 for the year. Repossessions have decreased considerably due to falling interest rates, combined with the protocol launched that prevents lenders from court action unless they can prove that all other avenues have been explored.
This improvement in arrears and repossession figures comes amid record low rates of mortgage take-up and a continued improvement in UK house prices in the second half of 2009. Resultantly lending has become more affordable and has expanded opportunities for those who are unable to keep up payments to sell their home for a profit.
Source: Financial Times
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