Independant Mortgages Direct

Home repossessions in the first quarter of 2010 dropped to a two year low, according to the latest official data from the Financial Services Authority. The regulator revealed the number of new repossessions totalled 10,500 in the first three months of the year, 11% down on the previous quarter. The number of new arrears cases also continued the downward trend started last year, with a further reduction in the number in the first quarter to 40,500. The proportion of the residential loan book that is in arrears, and therefore not fully performing, also fell for the third successive quarter, to 3.23%. New advances for home loans totalled £32 billion over the period, 22% lower than in the fourth quarter of last year.