The repossession rate has fallen again in the second quarter of 2015, and is at the lowest rate since records began.
The Council of Mortgage Lenders says the repossession rate is a remakable 0.02 per cent - equivalent to just one in every 5,000 mortgages.
There were 2,500 properties taken into possession in the second quarter, down from 3,000 the previous quarter and 5,400 in the second quarter of last year.
Of the 2,500 in the past quarter, some 1,800 were in the owner-occupier market and 700 in the buy-to-let market.
In terms of arrears, the total number of mortgages with arrears equivalent to 2.5 per cent or more of the mortgage balance was 106,400.
This equates to 0.96 per cent of all mortgages - again, the lowest rate since quarterly records began in 2008.
“The record low base rate has played a big party in helping households keep their loan commitments in check. The prospect of a higher base rate is clearly the biggest single factor that threatens this progress, but rate rises will be slow and steady” comments Brian Murphy, head of lending at Mortgage Advice Bureau.
The housing market may have seen some depressing figures of late...
The number of mortgages in arrears is now at its lowest...
UK Finance’s latest data shows the percentage of mortgaged properties taken...
The number of owners' properties being repossessed jumped 15 per cent...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
In today's rapidly evolving property market, the focus on reducing transaction...
.png)
An exciting new collaboration between TVPN, EstateApps and Paul Long is...
By Mike Bilboe, Face For Business Buying or selling a home can...
LSL Estate Agency Franchising is home to one of the UK’s...
.png)
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
Wait till that bubble bursts.
Tediously predictable as always, Jon. Good news has to be twisted to fit your anti-government, anti-property industry, anti-agent agenda. It's really quite sad.
Anyway, excellent news. Repossession is always a messy business and very much a last resort, but is necessary in certain situations. This shows, with wages rising and mortgage rates still very low, that homeowners are feeling more secure than they have for a while.
Please login to comment