View more on these topics

CML: Repossessions in decline as BTL market grows

UK houses

The number of repossessed UK homes fell 17 per cent year-on-year in the first quarter of 2013, according to the latest figures from the Council of Mortgage Lenders.

In the three months ending 31 March, there were 8,000 repossessions, compared with 9,600 in the first quarter of 2012.

This means around 0.07 per cent of outstanding loans were repossessed in the first quarter, representing fewer than 1 in 1,400 mortgage properties taken into possession.

The CML is forecasting a total of 35,000 repossessions in 2013, with 160,000 mortgages in arrears of 2.5 per cent of more.

Approximately 20 per cent of those homes repossessed in the first quarter, equivalent to 1,600 properties, were buy-to-let properties.

BTL lending remains strong however, as evidenced by CML figures which show gross BTL lending rose 14 per cent year-on-year over the same period.

Around £4.2bn was advanced in the first quarter, compared with £3.7bn in the first quarter of 2012. BTL lending is estimated to account for 13.4 per cent of the £33.8bn in gross mortgage lending recorded for the first quarter.

All Types of Mortgages managing director Dale Jannels says: “BTL is an incredible competitive market at the moment. Even with rates where they currently are, there are still many people who are not in a position to take that first step onto the property ladder. For as long as this is the case, the rental market will remain strong and BTL growth figures look sustainable.”

Recommended

Advisers look to higher qualifications

One of the aims of the RDR was to ensure financial advisers are appropriately qualified to offer advice to clients and it introduced the requirement of achieving a QCA Level 4 qualification. Although the number of advisers has decreased significantly in the last 12 months, many advisers that achieved the new minimum requirement have taken […]

PIMS: HMRC U-turned over rebate tax decision

Standard Life says HM Revenue & Customs changed its mind about whether to tax platform rebates only six months after indicating it did not see them as taxable. Speaking at PIMS onboard the Aurora today, Standard Life head of platform propositions David Tiller said six months before deciding rebates were taxable, HMRC said they were not. […]

Multi-asset view: Lose monetary policy is distorting equity prices

The markets liked the better employment news from the USA last week. They continue to respond warmly to further evidence of monetary easing around the world. The Japanese market made more advances on the back of better labour market news from the USA. The German index moved up, partly in response to the 0.25 per […]

1

Apfa: Client visits should be driven by need not calendar

Apfa says advisers should rethink the frequency of client visits and consider moving to a model that is driven by client need “rather than the calendar”. Speaking at a Perspective roundtable in London last week, policy director Chris Hannant said the focus on advice services instead of product sales post-RDR will drive a change in […]

Can you put a hat on?

By Sarah Scott, marketing consultant You might think the question in the title is a strange one. Perhaps even more so when you learn that it’s one of several asked as part of an assessment for Employment Support Allowance eligibility in the opening scenes of the 2016 film, ‘I, Daniel Blake’. Daniel is a carpenter […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com