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According to figures released by the Council of Mortgage Lenders (CML), the number of buy to let properties being repossessed by lenders is at its lowest point for six years, which is indicative of a strong market for buy to let businesses.
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Mortgage Arrears Fall
Way back in 2009, buy to let possessions were soaring. Figures showed that the number of repossessions hit a record 14,000 in the first quarter of 2009 (the start of the economic recession), which was a big leap up from 8,000 twelve months previously. Since then the figures have averaged out at between 8,000 and 10,000, but by the end of last year, the figure fell to nearly 6,000. Mortgage arrears are also in decline and at the end of December 2013 only 1.29% of landlords had fallen into arrears on their mortgages, compared to 1.88% at the middle of 2009.
CML Comment
Passing comment on the figures, Paul Smee from the CML said:
“Mortgage arrears and repossessions continue to fall, with low interest rates, relatively strong employment, and lender practices all combining to keep most people in their homes even if problems arise.”
“Anyone facing difficulty should talk to their lender, who will try to work with them towards a plan that will get them back on track so that they can sustain their home-ownership for the long term.”
