View more on these topics

Repossessions up 17% in Q1

The number of new repossessions in the first quarter increased 17 per cent from 8,246 in the fourth quarter of 2010 to 9,613 in the first quarter of 2011.

According to new data from the FSA, the number of new arrears cases in Q1 was 35,600, 8 per cent lower than Q4 2010 and 12 per cent lower than the 40,500 new cases in Q1 2010.

The total number of accounts in arrears at the end of the quarter was 337,040, 2 per cent down on 343,459 in the previous quarter and 7 per cent down on 361,750 in Q1 2010.

The proportion of residential loans in arrears fell from 2.95 per cent to 2.88 per cent.

The total value of outstanding loans remained roughly the same at £1.2tr in Q1.

New advances in the quarter totalled £33bn, 10 per cent lower than £36.8bn in Q4 but 3 per cent up on the £32bn advanced in Q1 2010.

Lending for house purchase accounted for 54 per cent of new advances and 52 per cent of new commitments.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. 17% increase on a very low number is still a low number

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com