Repossessions up 17%

New mortgage advances in the first quarter of 2011 were 10% lower than for the preceding quarter, according to data published by the FSA.

New advances in the quarter totalled £33 billion which was actually 3% up on the amount advanced in Q1 2010.

New commitments totalled £35 billion, 1% up on last quarter and 3% up on Q1 last year,

However, the number of new possessions in the quarter rose for the first time in a year, up 17% to 9,613.

Lending for house purchase represented a reduced share of new lending this quarter, accounting for some 54% of new advances and 52% of new commitments.

The proportion of new lending done at an LTV of more than 90% fell below 2% for the first time since Q1 last year, which new lending with a combination of high LTV and high income multiple also fell, to just below 1% of new lending.