Repossessions down by 26.3% in Q4 2018

New figures released by the FLA show that the number of second charge repossessions in 2018 was 147, 8.1% higher than in 2017. 

In the final quarter of 2018, the number of repossessions was 28, down by 26.3% compared to the same period in 2017. 

The number of properties repossessed during the twelve months to December 2018 represents 0.09% of the number of outstanding agreements in that period. 

Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA said:

“The low number of repossessions in the market shows that lenders are committed to helping those in ‎financial difficulties.

 “The sooner customers make contact, the easier it is to find a solution.” 

FLA Possessions

 Table 1:  The number of actual properties taken into possession by FLA second charge mortgage providers¹

1. 
   Possession proceedings arising from FLA members’ second charge mortgage books, which have led to actual possession by the second mortgage provider.
2. There were changes to the sample in Q1 2012 and Q1 2013 due to changes in FLA membership.

 Note to editors: 

1. FLA members in the consumer finance sector include banks, credit card providers, store card providers, second-charge mortgage lenders, motor finance providers, personal loan and instalment credit providers.
2. In 2018, FLA members provided £137 billion of new finance to UK businesses and households. £104 billion of this was in the form of consumer credit representing over a third of total new consumer credit written in the UK in 2018.
3. For media enquiries, please contact the FLA press office on 020 7420 9656.