700 buy to let homes repossessed as landlords struggle with mortgages

Data from the UK Finance trade body shows that some 700 buy-to-let mortgaged properties were repossessed in the fourth quarter of 2024.

This was roughly unchanged from the previous quarter and 30% higher than the same period a year earlier.

Among landlords, 12,610 buy-to-let mortgages were in arrears of 2.5% or more of the outstanding balance in the fourth quarter of 2024 – a 3% decrease compared with the previous quarter and 7% lower compared with the fourth quarter of 2023.

The number of owner occupier owners having their property repossessed also increased towards the end of 2024.

UK Finance says 1,030 homeowner-mortgaged properties were repossessed in the fourth quarter of 2024 – that’s 12% higher than in the previous quarter and 54% above the same period a year earlier.

UK Finance emphasised that while home repossessions have increased, the overall numbers remain significantly lower than long-term averages.

Read the full article at Landlord Today