Repossessions forecast low despite increase
However the FLA’s forecast for 2013 remains below the levels recorded in 2010 and 2011.
Geraldine Kilkelly, chief economist at the FLA, said: “The number of repossessions in Q1 remained low at 226 representing less than 0.08% of the total number of outstanding second charge mortgage contracts.”
The second charge mortgage market is relatively small and the 49.7% increase shown in first quarter of 2013 is measured against an exceptionally low level of repossessions in the same quarter the previous year.
The 750 repossessions forecast for 2013 as a whole – while slightly up on 2012 – remains below the 827 reported in 2010 and 864 in 2011.