The are several factors that can accumulate in the repossession of a home, the most common reason for being mortgage arrears. This occurs when borrowers can no longer make the mortgage repayments. Mortgage lenders will repossess the home to sell to recover the money owed. In 2023, between 176 and 424 homes in England were repossessed monthly. In Wales, this figure ranged between 14 and 32.
Which regions saw the most repossessions?
The North West recorded the highest number of repossessions in 2023. Conversely, the East of England, South West, East Midlands, and Wales had the lowest number of repossessions. London and South East, the regions with the highest average earnings, ranked in the middle.
Mortgage arrears on the rise
Mortgage arrears in the UK have increased quarter-on-quarter since the third quarter of 2022, showing that homebuyers are increasingly struggling to meet their monthly obligations. Borrowers who missed a mortgage payment were highly likely to also fall behind on other financial commitments, with credit card debt being the most common one.
Monthly number of repossessed houses in England and Wales from January 2017 to February 2024, by country
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GOV.UK. (June 17, 2024). Monthly number of repossessed houses in England and Wales from January 2017 to February 2024, by country [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/755441/repossessed-houses-england-and-wales/
GOV.UK. "Monthly number of repossessed houses in England and Wales from January 2017 to February 2024, by country." Chart. June 17, 2024. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/755441/repossessed-houses-england-and-wales/
GOV.UK. (2024). Monthly number of repossessed houses in England and Wales from January 2017 to February 2024, by country. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/755441/repossessed-houses-england-and-wales/
GOV.UK. "Monthly Number of Repossessed Houses in England and Wales from January 2017 to February 2024, by Country." Statista, Statista Inc., 17 Jun 2024, https://www.statista.com/statistics/755441/repossessed-houses-england-and-wales/
GOV.UK, Monthly number of repossessed houses in England and Wales from January 2017 to February 2024, by country Statista, https://www.statista.com/statistics/755441/repossessed-houses-england-and-wales/ (last visited November 21, 2024)
Monthly number of repossessed houses in England and Wales from January 2017 to February 2024, by country [Graph], GOV.UK, June 17, 2024. [Online]. Available: https://www.statista.com/statistics/755441/repossessed-houses-england-and-wales/
