Small rise in mortgage possessions according to UK Finance

November 10, 2017

In a press release from UK Finance yesterday 9th November 2017 they reveal that: Mortgage arrears fall in the third quarter but possessions edge upwards.

They state: The number of mortgages in arrears of 2.5 per cent or more of the outstanding balance fell again in the third quarter of 2017, but cases of possession edged upwards from an historically low level.

Commenting on the data, UK Finance’s Head of Mortgages Policy June Deasy said:

“Even a small rise in mortgage possessions is disappointing but, after a long period of declining numbers, it was inevitable that they would rise again at some stage. Both arrears and possessions remain low by historical standards and look set to be lower for the year than we predicted at the start of 2017.

“We expect the vast majority of mortgage borrowers to continue to manage their finances successfully but they should continue to keep their plans under review. Any customer who thinks they may experience payment difficulty should always speak to their lender at the earliest opportunity. Lenders remain committed to working with borrowers to keep them in their home wherever possible, and possession continues to be the last resort.”

Read the UK Finance press release 9th November 2017 in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Minister Accepts Supply-Demand Pressures Increasing Rents

In response to comments by Treasury Minister, Emma Reynolds MP, that rental prices “are ultimately determined by the total supply of housing, relative to demand”, Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “The Minister is right. Rents are going up because there are simply not enough properties to meet demand, and…
Read More →
Breaking News

The Property Redress annual report

50% of cases resolved through early resolution despite 20% rise in complaints, 56% increase in amount awarded for decisions and 31% rise in agency expulsions  The annual report on complaints received against their property agent members by Property Redress is released today. In its eleventh year, the report from the UK’s largest lettings redress provider…
Read More →
Breaking News

Foxtons Full Year Results 2024

47% earnings growth1 driven by significant Sales market share gains2 and strong returns from Lettings acquisitions. Next phase of the growth plan now firmly in focus. Foxtons Group plc (LSE:FOXT) (“the Group” or “Foxtons”) has delivered another year of growth. Strengthened operational capabilities, combined with strong returns from Lettings acquisitions, have underpinned 47% earnings growth. The Group…
Read More →
Estate Agent Talk

What is commonhold? What estate agents need to know

Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP On Monday 3 March, the government published a Commonhold White Paper and announced plans to bring the sale of new leasehold flats to an end. So what does this mean for the sale of leasehold properties, both now and over the next…
Read More →
Estate Agent Talk

Roller Garage Doors: 7 Essential Buying Tips.

Roller garage doors vary in quality, design, and the components used. Recognising these variations is essential when making a purchase, as it ensures you choose a product that provides long-term benefits. Here are seven key factors to consider: 1. Environmental Impact For superior insulation, sectional garage doors may be a better option, even though roller…
Read More →
Breaking News

Glenigan Construction Index: Pockets of regional resilience, do little to offset faltering confidence

The value of underlying work starting on-site during the three months to February decreased 6% and remained 17% below 2024 levels as activity remains relatively stagnant Lowered expectations on economic recovery dent residential construction, with starts down 10% on the preceding three months, slashed by 14% against 2024 figures Non-residential project starts decreased 2% against…
Read More →