House repossessions creep up

New data from UK Finance show home repossessions rose 15% between July and September this year compared to the previous quarter. Some 700 homeowner mortgaged properties were taken into possession in the third quarter of 2022 while the number of buy-to-let properties taken into possession rose 11% to 390. Inflation and rising borrowing costs are blamed for the rise. UK Finance's figures also showed that 74,440 homeowner mortgages were in arrears of 2.5% or more of the outstanding balance in the third quarter of 2022, 1% fewer than in the previous quarter. Within the total, there were 28,910 homeowner mortgages with more significant arrears, of 10% or more of the outstanding balance. This was broadly unchanged from the previous quarter. Meanwhile, 5,760 buy-to-let mortgages were in arrears of 2.5%, 2% more than in the previous quarter. 

Daily Mail (15/11/2022)   The Independent (15/11/2022)