Number of homes ‘given up’ down by 54pc
In its analysis of the latest Office of National Statistics English Housing Survey, Castle Trust found that fewer than 12,000 homes a year were given up due to mortgage payment difficulties during the 2010-2012 period.
The figures represented a significant drop compared to 2005-2009 when 26,000 homes were given up each year.
Sean Oldfield, chief executive officer of Castle Trust, said: “The number of homes being given up has fallen but the risk to homeowners of rising mortgage rates is still a major issue which shared equity can play a major role in reducing, including the risk of going into arrears, by controlling monthly mortgage commitments.
Castle’s analysis also found that more than half (55%) of those sold were sold to avoid mortgage arrears or avoid court actions by the lender.
The remaining 45% were taken over by the mortgage lender or the owner left voluntarily or by court order.