27th
Jan 2025
According to recent figures from a British trade association for banking and financial services there were 710 buy-to-let mortgage repossessions in the third quarter of 2024.
This figure remains unchanged from the previous quarter but represents a significant 73.2% increase compared to the same quarter the previous year.
Additionally, at the end of Q3 2024, there were 13,000 buy-to-let mortgages in arrears exceeding 2.5% of the outstanding balance. This number is down by 570 from the previous quarter, yet 19% higher than the corresponding quarter 2023.
The latest statistics from the association’s quarterly buy-to-let data release highlight trends within the landlord mortgage market.
This represents a 6.5% increase in number and an 8.9% rise in value compared to the same quarter the previous year. The average gross buy-to-let rental yield across the UK in Q3 2024 was 6.93%, up from 6.53% in the corresponding quarter the prior year.
In Q3 2024, there were 48,862 new buy-to-let loans issued in the UK, totalling £8.6 billion and this represents a 6.5% increase in number and an 8.9% rise in value compared to the same quarter the previous year.
The average gross buy-to-let rental yield across the UK in Q3 2024 was 6.93%, up from 6.53% in the corresponding quarter the prior year.
In the third quarter of 2024, the number of outstanding buy-to-let fixed-rate mortgages reached 1.4 million, marking a 3.3% increase from the previous year, however the number of variable rate loans outstanding decreased by 14.9%, totalling 541,488.
In the third quarter of 2024, the average interest rate for all new buy-to-let loans in the UK stood at 5.22%. This rate was 0.03 basis points higher than the previous quarter, yet 0.09 basis points lower compared to the same quarter in 2023.
As interest rates fluctuated, the UK's average BTL interest cover ratio (ICR) in the third quarter of 2024 reached 195% which marked an increase from 190% in the first quarter of 2024 and was 9 basis points higher than the same period in the previous year.
News Archive »