FSA confirms rise in repossessions

The number of repossessed homes soared by 68 per cent last year, to a total of 46,750 properties, according to figures from the Financial Services Authority. There was also a steep jump of 13 per cent in the number of people behind on their mortgage repayments in the final quarter of the year. The number of mortgages that are in arrears, as a proportion of all loans, increased during 2008 to 3.37 per cent, up from 2.26 per cent a year earlier. The FSA figures cover all regulated lenders and include both first and second charge mortgages.