Home repossessions increase

14th May 2024

The number of homeowner-mortgaged properties being repossessed in the first quarter of 2024 increased by 36% compared to the previous quarter, according to UK Finance.

Buy-to-let mortgaged properties also saw a 20% increase in repossessions.

The rise in repossessions is largely attributed to older cases working through the court system.  In the first quarter of 2024, 1.11% of all homeowner mortgages and 0.69% of all buy-to-let mortgages were in arrears.

There were 96,580 homeowner mortgages in arrears of 2.5% or more of the outstanding balance, with 32,470 in the most severe arrears bracket.

Charles Roe, Director of mortgages at UK Finance, said “The number of mortgages in arrears is rising due to the cost of living and higher interest rates. However, UK Finance has reassured homeowners that lenders offer support options for struggling borrowers.”