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London Mortgage Repossession Trends: Insights and Solutions

Explore the changing landscape of mortgage repossessions in London, from the peak in 2009 to current statistics. Learn about the rise in landlord repossessions and the impact of low interest rates. Discover how the Mayor's Housing Strategy and the Mortgage Rescue Scheme are addressing the issue. Stay informed on the Mayor's decision to focus on increasing the supply of homes in London. Follow the progress of the Mayor’s Housing Covenant program aimed at delivering up to 42,000 homes by 2018.

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London Mortgage Repossession Trends: Insights and Solutions

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  1. Trends in Mortgage Repossessions in London • The number of mortgage repossessions peaked in the year to March 2009 at 4,610 and has since fallen by around 70%, helped by very low interest rates. • Interestingly landlord repossessions have climbed rapidly over the same period, from a low of 8,550 in 2009 up to 14,280 in 2013.

  2. Repossessions in London Source: Ministry of Justice Statistics

  3. By Borough……. Source: Ministry of Justice Statistics

  4. Mortgage Rescue Scheme -London • Mayor’s decision to close the scheme to new applications in London by the end of 2013. • 27 cases have completed so far in 2013/14. • Investment to be focused on much needed new supply of homes. • GLA to keep a watching brief on mortgage repossession trends.

  5. The Mayors Strategy for London Homes for London – The London Housing Strategy to: • Focus on increasing housing delivery of all tenures • increased focus on working Londoners “who work hard to make the city a success” The Mayor’s Housing Covenant – 2015-18 programme to: • invest £1.25bn • deliver up to 42,000 homes.

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