Repossessions soared 68% in 2008 while the number of loan accounts in arrears steadily increased, according to the latest mortgage lending data from the FSA.
According to the regulator, a total of 46,750 properties were repossessed by lenders during the year, up from 27,900 in 2007. The total number of loan accounts in arrears has steadily risen since early 2007 to reach 377,000 by the end of Q4, a jump of just over 10% from Q3. While the number of new arrears cases had remained constant at around 54,000 each quarter since early 2007, the final two quarters of 2008 showed sharp increases. Q3 2008 saw an increase of 10% to 60,000 cases, while results for Q4 2008 show an increase of 13% to 68,000 cases. The regulator said new lending peaked in...
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