Data from the UK Finance trade body shows that some 700 buy-to-let mortgaged properties were repossessed in the fourth quarter of 2024.
This was roughly unchanged from the previous quarter and 30% higher than the same period a year earlier.
Among landlords, 12,610 buy-to-let mortgages were in arrears of 2.5% or more of the outstanding balance in the fourth quarter of 2024 – a 3% decrease compared with the previous quarter and 7% lower compared with the fourth quarter of 2023.
The number of owner occupier owners having their property repossessed also increased towards the end of 2024.
UK Finance says 1,030 homeowner-mortgaged properties were repossessed in the fourth quarter of 2024 – that’s 12% higher than in the previous quarter and 54% above the same period a year earlier.
UK Finance emphasised that while home repossessions have increased, the overall numbers remain significantly lower than long-term averages.
Total home repossessions in the fourth quarter of 2024 were 87% lower than the 13,200 seen in the first quarter of 2009 and 13% lower than the 1,990 seen in the fourth quarter of 2019, just before the coronavirus pandemic.
Mortgage arrears levels are at around half the levels seen in the aftermath of the late 2000s financial crisis.
The number of homeowner and buy-to-let mortgages in arrears in the first quarter of 2009 stood at 209,600 – that’s over twice the number currently in arrears.
This article is taken from Landlord Today