Repossessions and Arrears Drop
By |Published On: 14th August 2015|

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Repossessions and Arrears Drop

By |Published On: 14th August 2015|

This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.

Repossessions and Arrears Drop

Repossessions and Arrears Drop

Repossessions have fallen to a record low and mortgage arrears have also dropped.

The amount of properties that were repossessed has more than halved over the year to the second quarter (Q2) of 2015.

According to the Council of Mortgage Lenders (CML), 2,500 properties were repossessed in Q2, down from the 5,400 in Q2 2014.

Of the 2,500, 1,800 were owner-occupied and 700 owned by buy-to-let investors.

The total number of borrowers with arrears of 2.5% or more of the outstanding balance was 106,400 in Q2, this is 0.96% of all mortgages, and is down 17.4% annually from 128,900.

Of the 106,400 borrowers in serious arrears, 100,700 were owner-occupiers and 5,700 in the buy-to-let sector.

Director General of the CML, Paul Smee, comments on the decreases: “This trend is very welcome. Low interest rates are acting as a significant support for homeowners in general, and are likely to be helping to stave off low level arrears for stretched households in particular.”1















About the Author: Em Morley (she/they)

Em is the Content Marketing Manager for Just Landlords, with over five years of experience writing for insurance and property websites. Together with the knowledge and expertise of the Just Landlords underwriting team, Em aims to provide those in the property industry with helpful resources. When she’s not at her computer researching and writing property and insurance guides, you’ll find her exploring the British countryside, searching for geocaches.

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