8 May 2014
Figures released today by the Finance & Leasing Association (FLA) show a 43.4% fall in second-charge mortgage repossessions in Q1 2014, compared with the same period last year.
Commenting, Geraldine Kilkelly, Head of Research and Chief Economist at the FLA, said:
“The rate of repossessions in this market remains low at 0.049%, reinforcing lenders’ commitment to helping customers in financial difficulty and to taking repossession action only as a last resort. The forecast for 2014 as a whole suggests that repossessions will be at a similar level to 2013.”
Table 1: The number of actual properties taken into possession by FLA second charge mortgage providers1
Time period |
Number of possessions in the quarter
|
% change on the same quarter in the previous year |
Annual total |
% change on the previous year |
2008 Total 2009 Total Q1 2010 Q2 2010 Q3 2010 Q4 2010
Q1 2011 Q2 2011 Q3 2011 Q4 2011
Q1 2012 Q2 2012 Q3 2012 Q4 2012
Q1 2013 Q2 2013 Q3 2013 Q4 2013
Q1 2014
|
262 230 212 160
195 234 220 178
151 139 163 175
226 183 144 123
128 |
-33.7% -45.8% -48.7% -31.9%
-25.6% 1.7% 3.8% 11.3%
-22.6%2 -40.6%2 -25.9%2 -1.7%2
49.7%2 31.7%2 -11.7%2 -29.7%2
-43.4%
|
1,612 1,467
864
827
628
676
|
-9.0% -41.1% -4.3%
-24.1%2 7.6%2
|
- Possession proceedings arising from FLA members’ second charge mortgage books, which have led to actual possession by the second mortgage provider.
- There were changes to the sample in Q1 2012 and Q1 2013 due to changes in FLA membership.
Note to editors:
- In 2013 FLA members provided £88.9 billion of new finance to UK businesses and households. £ 66.5 billion of this was in the form of consumer credit, almost a third of all unsecured lending in the UK. And £27.5 billion of it supported the purchase of new and used cars, including almost three-quarters of private new car registrations.