Repossessions forecast low despite increase

Nia Williams

May 13, 2013

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.

Sign up to our daily email