SALES NEWS: Figures show the underlying strength of the housing market
There’s good news about the underlying strength of the housing market from new figures looking at mortgage debt and repossessions.
Firstly, and for the first time in more than a decade, the number of mortgages in arrears of 2.5 per cent or more across the entire UK has fallen below 100,000 to just 96,200. A year ago the figure was above 111,000.
Secondly the number of repossessions – when mortgage firms act against home owners who are in very serious arrears of 10 per cent or more – is now at its lowest level ever recorded.
There were just 2,100 repossessions in the first quarter of 2016; this is lower even than in 1982 (the previous best year) when there were only two thirds of the number of households with mortgages than there are today.