Tuesday, June 21, 2011

FSA Data – Repossessions up 17% in Q1

Repossessions up 17% in Q1

The number of new repossessions in the first quarter increased 17 per cent from 8,246 in the fourth quarter of 2010 to 9,613 in the first quarter of 2011. According to new data from the FSA, the number of new arrears cases in Q1 was 35,600, 8 per cent lower than Q4 2010 and 12 per cent lower than the 40,500 new cases in Q1 2010................................Lending for house purchase accounted for 54 per cent of new advances and 52 per cent of new commitments.

Posted by jack c @ 12:19 PM (2441 views)
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16 thoughts on “FSA Data – Repossessions up 17% in Q1

  • Poor old bank-renters kicked out of there bank-rented accommodation. They will have to rent privately now.

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  • And another thing.. Where the hell are these repo’s? They are not in auction or on the open market because I would have seen them.
    Sure there have been a few crappy repo’s for sale but not the 100+ that were repo’ed over the last year in my area.

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  • I know for a fact alot of the repos are ‘sold’ to subsidiarys of banks like rbs and lloyds and boarded up or rented out via local authority

    as you say…they should be put up for sale

    imagine being repossessed by a bank you are supposidly the owner of to then be put in another rented property via that bank and the local authority!

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  • Shelter also have a report out today which highlights the repo “hotspots” – no big surprise that there is a correlation between unemployment and repo’s – for example “North East is a hotspot for repossessions report reveals” Source http://www.journallive.co.uk/north-east-news/todays-news//2011/06/21/north-east-is-a-hotspot-for-repossessions-report-reveals-61634-28911621/

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  • Khards
    If someone has been repo’d from an interest only mortgage at current rates, how on earth are they going to rent privately. For a start they won’t be able to afford it as there’s a landlords margin to cover on top of a more expensive btl mortgage never mind the fact that the credit checks for private rental are far more stringent.

    I really don’t know where someone would live if they’ve been repossessed.

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  • I was wondering I’d q1 rise in repos is common or letting people stay in over Christmas.

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  • @taffee (Tuesday, June 21, 2011 12:45PM) – There is a procedure for the sale of a property by a mortgagee in possession (heritable creditor in Scotland) and what you describe doesnt fit in with it at all !

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  • 9613 more people enjoying “freedom” according to John Gummer

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  • More info via http://www.mortgagestrategy.co.uk/economy/england’s-repossession-hotspots-revealed/1033148.article

    Corby in the East Midlands is the top repossession hotspot in England, according to research by Shelter.

    The town has the highest rate of homeowners at risk of repossession and is closely followed by Barking, Dagenham and Newham in London, Knowsley in the North West and Thurrock in the East of England.

    Shelter conducted the research by analysing the latest Ministry of Justice data on the rates of possession orders per 1,000 households across every local authority.

    .The charity says the results also reveal worrying groups of local authorities with high possession rates in parts of the country.

    These include a line of repossession hotspots across the North from Merseyside to the Humber, large parts of Tyneside, a cluster of Kent and Essex coastal towns and a collection of areas around the Wash in East Anglia.

    The research also found a strong link between unemployment and rates of possession orders, with unemployment having risen at more than double the rate in hotspots, compared to the least at risk areas.

    Campbell Robb, chief executive of Shelter, says the survey paints a frightening picture.

    He says: “We know only too well that the combined pressures of high inflation, increased living costs and stagnant wages are really taking a toll on people.

    “All it takes is one thing like job loss to tip people over the edge and into the spiral of debt, repossession and ultimately homelessness.

    “And with interest rates due to increase in the near future this research is a clear warning sign of difficult times ahead for many thousands of homeowners across the country.”

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  • str 2007 @ 5, presumably their 3 bed semi in a nice street becomes a 2 bed flat in a not-so-nice street.

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  • No doubt this increases correlates with the decrease in SMI from the start of this year

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  • sibley's b'stard child says:

    Not at all surprising and still in line with the CML’s prediction of 40,000 repos in 2011.

    Still, credit where it’s due, the successive govts have done well to keep the balls juggling thus far. It’s only a matter of time, mind. Drip, drip.

    Beat me to it there Jack re Dagenham; that was also the case during the faux-crash of 08/09. Without reading through the full Shelter report I would hazard a guess it’s a combination of Right-to-buy and amateur BTL.

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  • Sib’s – agreed the Government(s) have done well to keep the numbers suppressed so far, however as you suggest we have a drip drip situation which I reckon could potentially turn to a flood. I heard at the weekend that a friend of a friend (really nice couple) have both lost their jobs in recent weeks (she’s a teacher and I cant remember what he does) but as the talk of cuts becomes a reality then surely this situation must get worse.

    @dill – thanks for the Shelter link – is it just me with a gas powered machine or will the pdf not open up correctly?

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  • dill – thanks got it now

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