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Repossessions at lowest level since end of 2007

The number of repossessions fell to its lowest level since the end of 2007 in the third quarter, according to the FSA.

The figure was down 8 per cent on the previous quarter, falling to 9,145 from 9,990, according to the regulator’s latest mortgage lending data.

New arrears cases also fell by 2 per cent from 37,327 in Q2 to 36,560 in the third quarter . The number of new cases has now fallen for each of the last seven quarters.

The total number of accounts in arrears has also continued to fall each quarter over the past year, decreasing by 2 per cent in Q3 to 345,593. In Q2 the total number of accounts in arrears stood at 352,722.

In Q3, the total value of outstanding loans stood at £1.2bn, an increase of less than 1 per cent on the last quarter.

New advances in the quarter totalled £41bn, 12 per cent higher than in Q2 but much the same as the amount advanced in Q3 2009.

New commitments totalled £38bn, 6 per cent down on the previous quarter but again in line with Q3 last year.

Lending for house purchase accounted for 64 per cent of new advances and 61 per cent of new commitments.


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