By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    White South Africans arrive in US after Trump administration granted them refugee status | World News
    White South Africans arrive in US after Trump administration granted them refugee status | World News
    May 13, 2025
    Trump’s Mideast Wish List: + Trillion in Investments – and Some Diplomacy Too
    Trump’s Mideast Wish List: $1+ Trillion in Investments – and Some Diplomacy Too
    May 13, 2025
    Djokovic-Murray coaching partnership ends before French Open | Tennis News
    Djokovic-Murray coaching partnership ends before French Open | Tennis News
    May 13, 2025
    Brussels seeks to sideline Hungary on Russia sanctions renewal – FT — RT World News
    Brussels seeks to sideline Hungary on Russia sanctions renewal – FT — RT World News
    May 13, 2025
    Investment banks lift China growth outlook after surprise trade deal with U.S.
    Investment banks lift China growth outlook after surprise trade deal with U.S.
    May 13, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    South Korea’s Democratic Party sets up ‘Digital Asset Committee’
    South Korea’s Democratic Party sets up ‘Digital Asset Committee’
    May 13, 2025
    Curve DAO (CRV) price drops as Curve Finance battles DNS attack
    Curve DAO (CRV) price drops as Curve Finance battles DNS attack
    May 13, 2025
    Best crypto to buy: XRP, ADA and Bitcoin Pepe
    Best crypto to buy: XRP, ADA and Bitcoin Pepe
    May 13, 2025
    2025 Cloud Mining Gold Rush: 5 Platforms That Pay While You Sleep
    2025 Cloud Mining Gold Rush: 5 Platforms That Pay While You Sleep
    May 13, 2025
    Strategy Pumps Fresh .34 Billion Into Its Crypto Coffers
    Strategy Pumps Fresh $1.34 Billion Into Its Crypto Coffers
    May 13, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Jump in number of homeowners and landlords falling into mortgage arrears, says UK Finance
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > Jump in number of homeowners and landlords falling into mortgage arrears, says UK Finance
Jump in number of homeowners and landlords falling into mortgage arrears, says UK Finance
Business

Jump in number of homeowners and landlords falling into mortgage arrears, says UK Finance

Published August 11, 2023
Share
3 Min Read
SHARE

A growing number of homeowners and landlords are falling into arrears with their mortgages, according to new figures from a trade association.

UK Finance said there were 81,900 homeowner mortgages in arrears of 2.5% or more of the outstanding balance in the second quarter of 2023, which was 7% higher than the previous three-month period.

There were also nearly 9,000 buy-to-let mortgages in arrears of 2.5% or more, 28% higher than in the previous quarter.

UK Finance said it came as higher rates and the cost of living continued to weigh on households.

But a spokesperson added: “Although any rise in arrears can be worrying, overall numbers remain low with less than 1% of homeowners and less than half a percent of landlords behind on their payments.”

The trade association also warned that home repossessions are likely to rise this year. It said 440 buy-to-let mortgaged properties were repossessed in the second quarter of 2023, which was 7% more than in the previous quarter.

However, the number of homeowner mortgaged properties that were repossessed fell by 19% to 610, according to the figures.

“The number of homeowner and buy-to-let possessions in [the second quarter] remain close to historic lows but are expected to continue to rise in line with our mortgage market forecast given the ongoing cost-of-living challenges,” it added.

Read more from business:
Around 12,000 jobs at risk as Wilko collapses
Halifax becomes latest lender to cut mortgage rates
Rents ‘to continue to rise’ as supply falls below demand

Myron Jobson, senior personal finance analyst at interactive investor, said: “The uptick in buy-to-let arrears is a worrying sign for the rental market…

“Landlords who are struggling financially due to mortgage arrears might try to offset their financial quagmire by raising the rent for their tenants.”

Rise in mortgage repossession claims

Meanwhile, separate figures from the Ministry of Justice showed that, across the county courts of England and Wales, there were 3,986 mortgage repossession claims between April and June, representing a 15% increase compared with the same period a year earlier.

However, this is still far below pre-COVID levels and highs reached in 2009.

There were also 22,537 landlord repossession claims, a 24% increase compared with a year earlier.

A government spokesperson said: “Home repossession is always a last resort and only a minority of evictions end up in the courts.

“Overall repossessions remain below pre-pandemic numbers but we understand the challenges people are facing and have measures in place to help, including financial support worth an average £3,300 per household.”

#Jump #number #homeowners #landlords #falling #mortgage #arrears #Finance

TAGGED:arrearsFallingfinanceHomeownersjumplandlordsmortgagenumber
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article UK FCA’s Planned Crypto Incentives Ban Could Force Firms Out of Country, Lobbyists Say UK FCA’s Planned Crypto Incentives Ban Could Force Firms Out of Country, Lobbyists Say
Next Article Brody Jenner announces the birth of his first child with fiancee Tia Blanco in heartfelt video – in which he takes a swipe at Caitlyn Jenner saying he plans to the ‘exact opposite’ father Brody Jenner announces the birth of his first child with fiancee Tia Blanco in heartfelt video – in which he takes a swipe at Caitlyn Jenner saying he plans to the ‘exact opposite’ father
- Advertisement -

Latest Post

White South Africans arrive in US after Trump administration granted them refugee status | World News
White South Africans arrive in US after Trump administration granted them refugee status | World News
World News
South Korea’s Democratic Party sets up ‘Digital Asset Committee’
South Korea’s Democratic Party sets up ‘Digital Asset Committee’
Cryptocurrency
Trump’s Mideast Wish List: + Trillion in Investments – and Some Diplomacy Too
Trump’s Mideast Wish List: $1+ Trillion in Investments – and Some Diplomacy Too
World News
Curve DAO (CRV) price drops as Curve Finance battles DNS attack
Curve DAO (CRV) price drops as Curve Finance battles DNS attack
Cryptocurrency
Best crypto to buy: XRP, ADA and Bitcoin Pepe
Best crypto to buy: XRP, ADA and Bitcoin Pepe
Cryptocurrency
Djokovic-Murray coaching partnership ends before French Open | Tennis News
Djokovic-Murray coaching partnership ends before French Open | Tennis News
World News
- Advertisement -

You Might Also Like

Rivian stock soars as Volkswagen agrees to invest up to  Billion in new joint venture
Business

Rivian stock soars as Volkswagen agrees to invest up to $5 Billion in new joint venture

June 26, 2024
Live news: Mexican central bank keeps rates steady as inflation accelerates
Business

Live news: Mexican central bank keeps rates steady as inflation accelerates

February 9, 2024
Brief Guide on Selecting Hat Styles That Match with Your Facial Structure
Business

Brief Guide on Selecting Hat Styles That Match with Your Facial Structure

July 26, 2024
Byron Allen makes B offer for Paramount Global – Bloomberg
Business

Byron Allen makes $14B offer for Paramount Global – Bloomberg

January 31, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?