Blog Post

Mortgage arrears low and little appetite for repossessions

TomS - Head Tom Simper Feb 11, 2023, 10:30 AM
295_Dataloft_inform_Insight

Mortgage rates have hit the headlines for the last 5 months but rates of arrears remain low by long-term standards. Just 0.88% of all mortgages are in arrears of 1.5% or more, according to the latest data from the Financial Conduct Authority (FCA).

At the height of the Global Financial Crisis there were more than 40,000 new arrears cases each quarter, the average since the implementation of the Mortgage Market Review in April 2014 just over 15,000. At the end of Q3 2022 the figure was just over 10,000.

Likewise, repossession numbers are far lower. Repossessions breached 8,500 in the first quarter of 2009, have averaged just below 1,800 since the MMR with the figure in 2022 was just over 1,000.

Swap rates, which rose considerably in the wake of the Growth Plan, continue to pare back, indicating longer-term stability in the market. Mortgage rates are anticipated to stabilise around 4%.Source: Dataloft, Financial Conduct Authority, Mortgage Market Review (MMR), Average Q2 2014 to Q4 2021, 2022 to end Q3, number per quarter

Leave a comment
Newest on top Oldest on top
Load more comments
Thank you for the comment! Your comment must be approved first
comment-avatar

"I would highly recommend Gill and the team"

- Isabelle

"If you need an Estate Agent who is going to really go the extra mile, Dewi is THAT person."

- James

"The staff at Peter Anthony could not have been more helpful. The team are well led by Gill."

- Steve

"Very good estate agency"

- Junaid

"Very helpful and proper guidance on time"

- Shine Xavier

"Friendly and helpful. No problems everything ran smoothly as expected and professionally."

- David

"Would highly recommend Peter Anthony when selling your property."

- Gwen

"We would like to give a special thanks to the newest member of staff Aleaya"

- Daniel