...Arrears Fall Again: The decline in early- and late-stage arrears persisted in the first two months of 2015. At end-February, late-stage arrears decreased to 84bp, while early-stage arrears were at 38bp. Increased Losses: Period losses have increased to 15bp as a result of high property sales. Record High Property Turnover: The number of properties sold in December 2014 increased to 25,265, a record high. Fitch Ratings believes the spike in sold properties and increased prepayments is due to: the expiry of a temporary exemption in the gift tax framework; tightening of NHG criteria; and stringent Nibud standards becoming effective from 1 January 2015. Home Price Recovery: The home price index was up by 1.5% in the year to December 2014. Fitch expects the recovery to continue slowly in 2015....
