Welcome...kkk. to Buyabetterhome fgdfhgdfgdfgdfgdfgdf According to the Financial Services Authority (FSA) the number of home being repossessed has gone up by a staggering 92% in a year. The authority’s statistics say that a total of 13,161 dwellings were repossessed in the third quarter of last year – 92% more than in the same period for 2007. More bad news was the number of borrowers who are behind on their mortgage has also increased by 24% during the year, up to 340,000 – a 10% rise on the previous quarter.
The FSA’s figures are in line with those reported by the Council of Mortgage Lenders (CML) in November of last year for the same period. They showed that 11,300 homes were repossessed by their members in the third quarter of 2008 – 12% more than in the second quarter. Their findings also indicated that 168,000 borrowers were more than three months in arrears with their mortgage.
The figures also show lenders who repossess homes are struggling to sell them on. As a direct consequence of this glut of repossessions, the number of unsold repossessed homes rose dramatically during the third quarter of 2008 to 27,123 – up a hefty 111% on the same period of 2007. This data is substantiated by the fact that lenders only managed to sell 7,687 homes in the quarter compared to 7,000 in the previous three months.
Data from the FSA on the mortgage market stated that the total value of outstanding home loans edged forward slightly to £1.194 trillion - up 0.5% on the second quarter of 2008. New advances during the period totalled £61bn – 15% lower than the previous three months. Net lending, which does not include redemptions and repayments, fell by 36% during the quarter in question and by 65% year-on-year.
