Home repossessions jump 15% in 2009
1st April 2010
The number of people who had their homes repossessed in 2009 leapt by 15% on the previous year to more than 54,000, figures from the Financial Services Authority show.
A total of 54,055 people lost their homes during the year, up from 46,945 in 2008, but the FSA said there were signs of improvement in the last three months of the year as the number of repossessions and those unable to keep up with mortgage payments fell.
About 11,800 houses were repossessed in the fourth quarter of 2009, 15% fewer than during the third quarter.New mortgage arrears cases steadily dropped through the whole year and fell by 9% during the final three months to 41,000.
A total of 378,000 borrowers had fallen behind with their mortgage by the end of the year, the equivalent of 3.42% of all mortgage customers.
The figures are broadly in line with ones reported by the Council of Mortgage Lenders for 2009, which showed that 46,000 people had their home repossessed during the year, the highest level since 1995.
The FSA's figures are higher than the CML ones, as they also include second-charge mortgages and loans advanced by lenders who are not CML members.
Copyright © Press Association 2010.
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