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Repos sink to lowest level in two years

15 September 2010
Written by rosalind renshaw

The number of new repossessions fell in the second quarter of this year to the lowest figure for over two years, the FSA said yesterday.

The 5% decrease took the figure to 10,000.

Arrears also fell by 3% from the first quarter of the year to 351,000 cases.

The figures were among those released by the FSA on its latest mortgage lending data.

The total value of outstanding loans, £1,209bn, barely changed from the first quarter, but new advances totalling £36bn were up 14%.

The proportion of new lending with LTVs of more than 90% accounted for just 2% of new mortgages, whilst the proportion of loans to borrowers with an impaired credit history has been unchanged for a year and stands at 0.33%.

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