Second charge repossessions down by 26.3% in Q4 2018

New figures released by the Finance Leasing Association (FLA) have shown 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

Time period	Number of possessions in the quarter	% change on the same quarter in the  previous year	Annual total	% change on the previous year
2008 Total 2009 Total 2010 Total 2011 Total 2012 Total 2013 Total 2014 Total 2015 Total 2016 Total Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018	25 39 34 38 45 38 36 28	-26.5% -2.5% 9.7% -2.6% 80.0% -2.6% 5.9% -26.3%	1,612 1,467 864 827 6282 676 447 228 144 136 147	-9.0% -41.1% -4.3% -24.1%2 7.6%2 -33.9% -49.0% -36.8% -4.9% 8.1%