Repossessions occur when a borrower fails to repay their loan on time and the lender takes possession of the property. To avoid a spike in repossessions during the wake of the coronavirus (COVID-19) crisis, the Financial Conduct Authority (FCA) introduced a mortgage payment holiday with the option of borrowers to access payment deferrals.
In the second and third quarter of 2020, the number of repossessions of mortgages to landlords in the United Kingdom (UK) dropped to nearly zero, followed by a slight increase in the fourth quarter of 2020 and fist quarter of 2021. In comparison, in the fourth quarter of 2019, repossessions in London alone measured over 2,000. Repossessions of mortgages to individuals followed a similar trend.
Number of repossessions of mortgages to landlords by courts in England and Wales from 1st quarter 2010 to 1st quarter 2021, by region
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GOV.UK. (May 13, 2021). Number of repossessions of mortgages to landlords by courts in England and Wales from 1st quarter 2010 to 1st quarter 2021, by region [Graph]. In Statista. Retrieved October 08, 2024, from https://www.statista.com/statistics/1248549/england-wales-landlord-mortgage-repossession/
GOV.UK. "Number of repossessions of mortgages to landlords by courts in England and Wales from 1st quarter 2010 to 1st quarter 2021, by region." Chart. May 13, 2021. Statista. Accessed October 08, 2024. https://www.statista.com/statistics/1248549/england-wales-landlord-mortgage-repossession/
GOV.UK. (2021). Number of repossessions of mortgages to landlords by courts in England and Wales from 1st quarter 2010 to 1st quarter 2021, by region. Statista. Statista Inc.. Accessed: October 08, 2024. https://www.statista.com/statistics/1248549/england-wales-landlord-mortgage-repossession/
GOV.UK. "Number of Repossessions of Mortgages to Landlords by Courts in England and Wales from 1st Quarter 2010 to 1st Quarter 2021, by Region." Statista, Statista Inc., 13 May 2021, https://www.statista.com/statistics/1248549/england-wales-landlord-mortgage-repossession/
GOV.UK, Number of repossessions of mortgages to landlords by courts in England and Wales from 1st quarter 2010 to 1st quarter 2021, by region Statista, https://www.statista.com/statistics/1248549/england-wales-landlord-mortgage-repossession/ (last visited October 08, 2024)
Number of repossessions of mortgages to landlords by courts in England and Wales from 1st quarter 2010 to 1st quarter 2021, by region [Graph], GOV.UK, May 13, 2021. [Online]. Available: https://www.statista.com/statistics/1248549/england-wales-landlord-mortgage-repossession/