UK Finance mortgage arrears and possessions figures "might come as a blow", says Phoebus

08 August 2024

Richard Pike, chief sales and marketing officer at Phoebus, said: “A 13% increase in possessions of buy-to-lets in the second quarter of 2024 might come as a blow to some. However, we can probably attribute a portion of this to the fallout from the previous high energy and general costs of living that have taken their toll on renters and landlords alike.

“Now that inflation and energy prices have dropped, and the market is so much more buoyant as we move through the second half of 2024, I would hope that the equivalent figures this time next year will look a lot more promising.

“The 8% increase on possessions of homeowner properties can be similarly explained. Gladly, Consumer Duty rules will have helped a lot of homeowners avoid falling into this group, as the handful of lenders who might not have been so understanding during times of financial hardship, are now obligated to help their borrowers as much as possible.”