Data from the UK Finance trade body shows that some 700 buy-to-let mortgaged properties were repossessed last year between October to December 2024.

This figure remained almost steady compared to the previous quarter, but it marked a 30% increase from the same period in the previous year.

In the fourth quarter of 2024, there were 12,610 buy-to-let mortgages in arrears by 2.5% or more of the outstanding balance which marks a 3% reduction compared to the previous quarter and a 7% decrease from the fourth quarter of 2023.

Towards the end of 2024 there was a rise in property repossessions among owner-occupiers. The finance firm reported that 1,030 homeowner-mortgaged properties were seized in the fourth quarter of 2024 which represents a 12% increase from the previous quarter and a 54% surge compared to the same period the year before.

Despite the rise in repossessions, the finance firm stressed that the overall figures still remain considerably below long-term averages.

In the fourth quarter of 2024, the total number of home repossessions was significantly lower—87% less than the 13,200 repossessions recorded in the first quarter of 2009, and 13% below the 1,990 repossessions in the fourth quarter of 2019, just before the onset of the coronavirus pandemic.