Market is stagnant, FSA figures show
THE number of repossessions in the first quarter of 2011 rose for the first time in a year.
They were up 17 per cent to 9,613, though arrears were down according to Financial Services Authority mortgage lending data, which reveals that the housing market is still largely stagnant.
Mortgage lending was 10 per cent lower than in the last quarter of last year, although three per cent up on the first quarter of 2010. But house purchase mortgages accounted for just 54 per cent of lending and only two per cent of all new mortgages were given with a loan to value above 90 per cent. Borrowers with poor credit histories struggled and accounted for just 0.3 per cent of all loans.