The number of mortgages in arrears of 2.5 per cent or more of the outstanding balance fell again in the third quarter of 2017 according to new data from UK Finance, but cases of possession edged upwards from an historically low level.
Figures showed that at 88,300, the number of loans in arrears was two per cent lower than in the second quarter of the year (90,400) and at its lowest level since this run of data began in 1994.
The number of properties taken into possession in the third quarter nudged upwards to 1,900, the same total as in the first three months of this year and the second quarter total of 1,800 cases of possession had been the lowest since quarterly data began in 2008. The proportion of properties taken into possession (at 0.02 per cent) has remained unchanged in each period since the second quarter of 2015.
The number of mortgages in arrears however, fell across all bands, apart from those owing 10 per cent or more of the outstanding balance. The number of mortgages in this category edged up by 0.4 per cent from 25,500 to 25,600, partially reversing a four per cent fall in the number of loans in this category in the second quarter of the year.
Original source - UK Finance