Figures released today by the Finance & Leasing Association (FLA) show a 43.4% fall in second-charge mortgage repossessions in Q1 2014, compared with the same period last year.

Commenting, Geraldine Kilkelly, head of research and chief economist at the FLA, said: “The rate of repossessions in this market remains low at 0.049%, reinforcing lenders’ commitment to helping customers in financial difficulty and to taking repossession action only as a last resort. The forecast for 2014 as a whole suggests that repossessions will be at a similar level to 2013.”

The annual number of actual properties taken into possession by FLA second charge mortgage providers had been falling every year since 2008 but there was a brief rise in the first half of 2013. However, the annual total for 2013 was still down by 58% compared to 2008.