FSA records 9% drop in repossessions
The number of homes being repossessed fell 9 per cent between the first and second quarters of 2012, according to figures from the Financial Services Authority.
The data, released today, shows lenders took 8,720 homes into possession. A seasonal fall normally occurs in the second quarter of the year, but the figures were also down 8 per cent on the same quarter last year.
The number of new mortgage arrears cases also fell from the first quarter, by 3 per cent to 34,400, and the total number of loan accounts with reportable arrears dropped 2 per cent to 296,500.
Lending figures remained stable between the first and second quarters, with the total value of loans increasing by 0.1 per cent and new advances increasing by 1 per cent.