news | 2 weeks ago | Jon Yarker

BTL repossessions soar 73% in 2024

The number of BTL mortgage repossessions in the third quarter of 2024 was 73% higher than a year before, data from UK Finance has revealed.


This meant there were 710 possessions in the three months to September.

Though this was largely the same as the preceding quarter, repossessions have been climbing up overall and are now nearing levels in 2019 when these surpassed 750 in a quarter.

BTL arrears have also increased by 19% from the previous year with 13,000 mortgage holders in this position.

Though this was down 570 from the preceding quarter, again this is part of an overall trend with UK Finance data showing areas were under 7,500 between 2018 and 2023.

Despite these findings, BTL lending has increased and in the third quarter £8.6bn was lent across 48,862 loans.

This is an 6.5% increase in the number of loans and an 8.9% increase in the amount lent from 2023.

Average rents have also crept up, and the average gross BTL rental yield in the third quarter was 6.93%.

This had been 6.53% in the same quarter of 2023.

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