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Number of repos rockets in Q3, driven by buy-to-let sector
The number of repossessions in the UK has jumped by 26 per cent in Q3 2019 driven by a hike in buy-to-let repossessions, data from UK Finance has shown.
In the buy-to-let sector, repossessions rocketed by 40.1 per cent to 800 compared to Q3 last year.
In residential, repossessions were up 18.8 per cent to 1,330.
Total repossessions were 2,130 in the quarter, of which approximately 62 per cent were buy-to-let and 38 per cent residential.
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Arrears fall as repos rise
The rise in repossessions coincided with a drop in the number of mortgages in arrears across the market.
Mortgage arrears fell by 8.9 per cent to 76,140 in Q3 2019 against the same period 2018.
For buy-to-let, arrears were down 4.6 per cent to 4,550. For residential mortgages, arrears decreased 9.2 per cent to 71,590.
Of all mortgages in arrears, approximately 94 per cent were residential and six per cent buy-to-let.