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Repossessions up 8% year-on-year in Q4

Repossessions increased 7 per cent in the fourth quarter of last year compared to the corresponding quarter the year before, according to new data from the FSA.

In the fourth quarter of 2011 there were 8,246 repossessions compared to 8,827 a year later, this was down 8.7 per cent from the 9,670 repossessions the quarter before.

In Q4 there were 34,600 new arrears cases which was down 1 per cent on the 35,000 the previous quarter and 14 per cent lower than the 39,400 cases in Q4 2010.

Consequently, the total number of accounts in arrears at the end of the quarter also fell and, at 313,200, was 3 per cent down on Q3 and 9 per cent below Q4 2010.

The total proportion of loans in arrears is now 2.61 per cent, down from 2.72 per cent in Q3 2011.

The total value of outstanding loans at the end of Q4 was £1,2bn, an increase of less than 0.1 per cent on Q3.

New advances in the quarter amounted to £40bn, 8 per cent lower than the £43.5bn advanced in the third quarter but 9 per cent higher than the £36.8bn advanced in Q4 2011.

New commitments totalled £37bn in the quarter, 11 per cent down on the £41bn in Q3 but 7 per cent higher than the £34,600 in Q4 2010.

Lending for house purchase accounted for 61 per cent of new advances, up from 60.4 per cent in Q3, and 58 per cent of commitments, a small decrease from 59.7 per cent the previous quarter.

The proportion of new lending done at an LTV of more than 90 per cent continued to be below 2 per cent in Q4, as it was throughout 2011.

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