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Repossessions at lowest level since 2008

The number of new repossessions fell to its lowest level since Q2 2008 totalling 11,800 in the fourth quarter of 2009, a 15 per cent decrease on the previous quarter, according to FSA lending figures released today.

The FSA’s latest Statistics on Mortgage Lending, in which 300 regulated lenders and firms must report lending statistics on a quarterly basis, also show repossessions were down 11 per cent on Q4 figures in 2008.

The figures also show the number of new arrears cases reduced in each quarter of 2009 and fell by a further 9 per cent in the last quarter to 41,000, with the total number of accounts in arrears falling 4 per cent in the last quarter to 378,000.

Also, the total value of outstanding loans is now £1,207bn, an increase of 1 per cent compared to a year earlier.

The figures show new advances in the quarter totalled £41bn, an increase of 2 per cent on Q3. However, this was 8 per cent lower than the £45 advanced in Q4 2008.

New commitments were 6 per cent lower than the previous quarter, at £36bn.

The FSA figures state that the proportion of lending done at an LTV of more than 90 per cent accounted for less than 2 per cent of new advances for the second quarter in succession, down from 6 per cent last year.

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