Repossessions decrease 93%

14th August 2020

Latest figures from UK Finance have indicated that property repossessions have fallen by more than 90%, with homeowners opting for mortgage holidays amid the coronavirus crisis and banks banned from seizing homes amid the pandemic.

There were just 90 owner-occupied homes repossessed in Quarter 2 (Q2), a 93% decline on Q2 2019, while 130 buy-to-let properties were repossessed, an 80% dip.

Landlord possession actions have also all decreased significantly Landlord possession claims, orders and warrants decreased by 89%, 97% and 98% respectively (compared to the same quarter last year).

The Financial Conduct Authority (FCA) has previously warned banks against evicting customers amid the outbreak, with repossessions banned unless the homeowner agreed or the property was empty.

The regulator has also told banks and building societies to grant mortgage payment holidays to homeowners who were hit financially during the crisis. The FCA has said that mortgage lenders should not start or continue court action for repossession until at least 31st October.

No repossessions by county court bailiffs were recorded for this quarter.