You are here: Home - Mortgages - Buy To Let - News -

Half a million forced to give up their home last year

Written by:
More than half a million households in England gave up their homes last year due to mortgage difficulties.
Half a million forced to give up their home last year

According to research by the Department for Communities and Local Government (DCLG) of the English housing market, between April 2011 and March 2012, 523,000 were forced to walk away from homeownership after payment problems. That total represented 2% of all English households.

The report said that 59% of those who had given up a home had been forced to sell to avoid getting into arrears or having court action taken by their lender. The remaining 41% of properties were taken over by the lender, either voluntarily or after court action.

The majority (58%) of all outright owners were found to be aged 65 or over, with the report suggesting that most of these had previously held a mortgage but had since paid it off.

It added 64% of new mortgaged-owners were aged between 35 and 54, with just 10% under 35.

DCLG also found that 83% of mortgagors were in full-time work with a further 7% in part-time work and 4% retired.

Related Posts

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Everything you wanted to know about ISAs…but were afraid to ask

The new tax year is less than a fortnight away and for ISA savers or investors, it’s hugely important. If yo...

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week