The number of repossessions fell to 21,000 in 2014 - now less than 26 per cent fewer than the 28,900 in 2013, and the lowest number since 2006.
Data from the Council of Mortgage Lenders shows that only 0.19 per cent of homes were repossession, also the lowest since 2006.
Out of the 21,000 total number of repossessions, 16,100 were on owner-occupied properties and 4,900 were on buy-to-let properties.
At 0.3 per cent, the repossession rate on buy-to-let mortgages was higher than the 0.17 per cent on owner-occupier loans. The CML says this is unsurprising, as lenders offer extended opportunities to owner-occupiers to help them get through periods of financial difficulty without losing their home.
There were also fewer mortgages in arrears at the end of 2014 than at any time for nine years.
Just 1.05 per cent of all mortgages were in arrears by 2.5 per cent or more of the mortgage balance. In numerical terms, this equates to 116,800 loans - down from 124,400 at the end of the third quarter, and 144,600 at the end of 2013.
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
Comments