The number of second charge mortgage possessions in the third quarter of 2013 was 144, 11.7% lower than in the same quarter in 2012, according to latest data from the Finance & Leasing Association (FLA).
This has led to a lower forecast of between 700 and 750 for the total number of second charge mortgage possessions by FLA members this year.
Geraldine Kilkelly, chief economist at the FLA, said: “The Q3 results mean that the rate of possession fell to its lowest level in a year, at 0.05% of outstanding second charge mortgage contracts.
“FLA members are continuing to do all they can to help customers in financial difficulty remain in their homes. This week’s lower than expected inflation and unemployment rates should provide some further relief by easing the pressures on household incomes.”
Table: The number of actual properties taken into possession by FLA second charge mortgage providers
Time period | Number of | % change on the | Annual | % change on the |
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 | 262 230 212 160 195 234 220 178 151 139 163 175 226 183 144 | -33.7% -45.8% -48.7% -31.9% -25.6% 1.7% 3.8% 11.3% -22.6%1 -40.6%1 -25.9%1 -1.7%1 49.7%1 31.7%1 -11.7%1 | 1,612 1,467 864 827 628 | -9.0% -41.1% -4.3% -24.1%2 |
- There are breaks in the time series from Q1 2012 and Q1 2013 onwards because of changes to second-charge mortgage providers in FLA membership. On a same sample basis, the number of repossessions fell in Q3 2013 by 5.9% compared with the same quarter in 2012.
