The Financial Services Authority’s (FSA) latest figures on repossessions showed that the number of cases fell in Q2 2009 to 13,610 from 14,884 in Q1.

Whilst this was -9% lower than the previous quarter it was +23% higher than the same quarter in 2008.

The FSA stated the change could be as a result of changes in the courts administration processes (the Ministry of Justice’s new Pre-Action Protocol is likely to delay a case proceeding to possession) but also likely reflects lenders’ more restrained approach in conjunction with lower interest rates.

Sales of repossessed homes meanwhile have been increasing rapidly since Q2 2008 despite previously not having showed any change from roughly 6,000 a quarter since the start of 2007.

New arrears cases meanwhile have fallen for a second quarter in succession from 60,000 to 51,000 which is a -14% drop. This is now below the previous 18 months average of 54,000 up to mid 2008.