Number of homes ‘given up’ down by 54pc

Sam Cordon

March 11, 2013

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.

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