News

SALES NEWS: Figures show the underlying strength of the housing market

18/05/16

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.

 

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