Repossessions of mortgages in London, England in Q1 2010-Q1 2021, by mortgage type
Repossessions occur when a borrower fails to repay their loan on time and the lender takes possession of the property. To avoid a spike in repossessions during the wake of the coronavirus (COVID-19) crisis, the Financial Conduct Authority (FCA) introduced a mortgage payment holiday with the option of borrowers to access payment deferrals.
The number of repossessions on mortgages to private individuals in London declined gradually from 880 in the first quarter of 2010 to 121 at the start of 2015 and remained consistently low since then. By the first quarter of 2021, this number stood at 104 repossessions
On the other hand, the number and range of repossessions on mortgages to landlords were significantly larger compared to that of private individuals from 2010 to 2021. The repossessions on mortgages to landlords more than doubled from 1936 in the second quarter of 2010 to 4409 in the first quarter of 2015. Thereafter, the region registered a decline in repossessions to a low of 1807 in the first quarter of 2021.
The number of repossessions on mortgages to private individuals in London declined gradually from 880 in the first quarter of 2010 to 121 at the start of 2015 and remained consistently low since then. By the first quarter of 2021, this number stood at 104 repossessions
On the other hand, the number and range of repossessions on mortgages to landlords were significantly larger compared to that of private individuals from 2010 to 2021. The repossessions on mortgages to landlords more than doubled from 1936 in the second quarter of 2010 to 4409 in the first quarter of 2015. Thereafter, the region registered a decline in repossessions to a low of 1807 in the first quarter of 2021.
