ao link
0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter
Intelligence, Insight and community for responsible professionals in credit

19 percent rise in home repossessions attributed to backlog in cases

Residential property repossessions increased by 19 percent in the third quarter of 2019, according to figures released by the banking and finance trade body, UK Finance.

It attributes the increase in repossessions in part to a backlog of historic cases which are being processed in line with the latest regulatory requirements.

 

The proportion of homeowner mortgages in arrears remains at historically low levels, with the vast majority of borrowers continuing to repay their mortgages in full and on time each month.

 

There were 71,590 homeowner mortgages (0.79 percent of all residential mortgages outstanding) in arrears of 2.5 percent or more of the outstanding balance in the third quarter of 2019, nine percent fewer than in the same quarter of 2018.

 

Within the total, there were 22,300 homeowner mortgages with more significant arrears (representing 10 percent or more of the outstanding balance), eight percent fewer than in the same quarter of 2018.

 

Mark Pilling, managing director Spicerhaart Corporate Sales said: “Arrears remain low, but with weak retail performance and worsening economic data, it’s difficult to imagine this being sustained long into the new year.

 

“The mortgage possessions figures are concerning – up 19 percent year on year for homeowners, and 40 percent for buy to let. UK Finance are right to point out that this stems in part from historic cases but it is nonetheless a significant jump.”

Please login to continue reading this article.

Not a member?

Become a member

FREE registration. No credit card required

Register now
  • Stay up-to-date with industry news and appointments
  • Hear about events first
  • Read 1 free Premium article per month

Become a premium member

From as little as £3.48 per week

Become Premium
  • All the perks of a standard member plus:
  • Access to the entire Credit Strategy website
  • 12 months subscription to Credit Strategy Magazine
  • 25% discount to all conferences
  • Exclusive access to Premium Member only roundtables
  • 50% off award entry fees

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group