Housing Trends, Mortgagors and Repossessions
Each year, the UK government conducts the English Housing Survey, which provides valuable insights into the housing market. The latest report, released in December 2023, covers statistics from 2022-2023 and indicates that there were 24.4 million households in England living in self-contained accommodations.
In 2022-2023, owner-occupation rates in London were lower (49%) compared to the rest of England (68%). Additionally, only 24% of London households were outright owners (no mortgage) versus 37% elsewhere in the country. The proportion of mortgagors was also smaller in London (25%) than in the rest of England (30%).
A significant issue is the disparity in mortgage costs. The average (median) mortgage payment was £173 per week, but in London, this figure rose to £256. Since 2020-21, average weekly mortgage payments in London have surged by £89, from £244 to £333. In contrast, the rest of England saw a modest increase of £27, from £163 to £190.
Regarding arrears, approximately 34,000 mortgagors (0.5%) reported being in arrears in 2022-2023, a figure consistent with the previous year’s 0.7%. Notably, the proportion of mortgagors in arrears has remained at or below 2% since 2011-2012.
This data is particularly significant for London, highlighting why repossessed houses and apartments tend to appear more frequently in this region than elsewhere.
You can see the current mortgage possession claims and repossessions across London here.