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%.
On average 965 sales per week have been completed using Help to Buy across England and Wales during 2018 (to the end of September), according to data released by the Ministry of Housing, Communities and Local Government and the Welsh Government. Over 160 properties are purchased each week with the aid of Help to Buy […]
Nearly half (49.2%) of all babies were born into rented homes in 2016/17, according to a new report by Royal London, up from just one in three in 2003/04. The average age for first-time mums and dads is 29 and 33 respectively, while the average age of a first-time buyer is now 34. The so-called […]
The affordability ratio for England and Wales hit another peak at 7.83 in 2018. This means that the median property price in England and Wales is now 7.83 times more than gross average annual earnings, according to new data from the Office for National Statistics (ONS). This affordability ratio is up from 6.35 in 2009, […]