Just 6,950 homes were repossessed during 2018, the equivalent of just 0.06% of all homes with an outstanding mortgage. Repossessions are at their lowest level since 1981, with nearly 700 fewer properties repossessed than in 2017.
To put this figure in perspective, there were nearly 50,000 repossessions at the height of the financial crisis in 2009, and 75,500 in 1991, the peak since records began
Repossessions have fallen each year since 2009. The Mortgage Market Review came in to force in 2014 as a result of the government’s desire to curb irresponsible lending. 95% of new mortgage deals are also fixed rate, providing homeowners with more certainty over monthly expenditure.
Low and stable interest rates are also a key factor. Currently, mortgage interest as a percentage of income is 7.1%. In 2009 it was 11.1%, while in 1991, the figure was a staggering 21.4%.
If you’re thinking of a move, click here to get in touch