I was pleased to read that there has been a continued drop in mortgage arrears and repossessions by lenders.

UK Finance has released data for the second quarter of the year and it showed 76,740 homeowner mortgages in arrears of 2.5% of the outstanding balance. This represents an 8% drop on the figures for the same period last year.

Out of that total, 23,190 homeowner mortgages were in arrears of 10% of the total outstanding which is an annual decrease of 4%.

A total of 1,060 homeowner mortgaged  properties were repossessed in the quarter which represents a 5% drop.

The picture for Buy to Let mortgages was not quite as good. Although the 4,400 in arrears of 2.5% of the outstanding balance showed a fall of 6% on the same period last year, 1,080 mortgages were in arrears of 10% or more, an increase of 2%.

Buy to Let repossessions were dramatically down, however. 520 repossessions took place which is 24% down for the same quarter last year.

Whilst the recent increase in interest rate has caused some borrowers and lenders concern, the blow should be softened by the continuing availability of many competitively priced fixed rate mortgages.

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Covid -19 Lockdown Update

We hope you are all staying well and safe in these very confusing times.

We are very pleased to say that with the impending second lockdown restrictions we are able to stay open and can fully function.  It just goes to show how important to the Government and the economy the residential property market is.

It is not yet confirmed as to whether our branches will be open to the public, but we can be contacted by telephone or email. 

In Summary this means

  • Buyers, sellers and tenants will continue to be able to move.
  • Removal firms, although busy are able to operate.
  • We can arrange valuations and do viewings on properties (subject to strict PPE being in place)
  • Surveyors and valuers for mortgage purposes will continue to work.

In the meantime, we will continue to follow the covid-19 safety guidelines:

  • Face coverings to be worn on all viewings.
  • Hand sanistiser to be used before entering a property.
  • Avoid touching any surfaces.
  • Viewing time is limited to 15 minutes inside the property.
  • No more than two households inside the property at any one time. This includes the agent accompanying.
  • No children permitted at viewings unless they are young enough to be carried. (Children are likely to touch surfaces).

This is good news for the property market and we will keep you updated as soon as there are any further developments.