The number of homes repossessed in the UK last year fell to its lowest level since 1980, figures from UK Finance revealed.
In 2018, there 4,580 homes repossessed by mortgage lenders from owners who were unable to keep up with repayments on their home loans, with low mortgage rates and a less aggressive attitude from lenders being the main driver of the low figure.
Furthermore, the data found that mortgage arrears amongst homeowners have been on the decline.
UK finance highlighted that the number of landlords falling behind on mortgage repayments was unchanged in the last quarter of 2018 when compared with the same three months in 2017. Despite this, the association noted that there was a 7 per cent rise in buy-to-let mortgage holders with significant levels of arrears, defined as 10 per cent or more of the outstanding mortgage.
UK Finance has encouraged homeowners’ owners to keep a close eye on their finances, with there being over 9 million of them in the UK.
Commenting on figures, UK Finance director of mortgages Jackie Bennett said: “We would always encourage anyone with concerns about making their mortgage repayments to contact their lender to discuss the options and support available to them. Repossession is always a last resort.”
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