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London's Mortgage Repossession Rates: Borough-by-Borough Analysis

In the ever-evolving landscape of London's property market, repossessions tell a complex story of financial struggles and new beginnings.

Recent data from the Ministry of Justice highlights how economic pressures impact different boroughs, with significant variation across London.

This article provides a detailed breakdown of London’s mortgage repossession rates, from mortgage possession claims to completed repossessions, helping property investors, homeowners, and researchers understand the broader financial trends across the capital.

Contents

  • Sources of mortgage repossession data
  • How to interpret the data
  • Data across London boroughs
  • Conclusion
The Bank of England.
Bank of England

Sources of Mortgage Repossession Data

Our repossession data is from diverse, authoritative datasets including:

  • Ministry of Justice
  • Mortgage and Landlord Possession Statistics: Data Visualisation Tool

We update our mortgage repossession data quarterly to ensure accuracy. Last update: September 2024. Next update: December 2024. All data is presented as provided by our sources without adjustments or amendments to ensure complete transparency.

How to Interpret the Data

There are two key data points to understand when comparing repossession rates.

  • Mortgage Possession Claims: This represents the number of legal actions initiated by mortgage lenders when homeowners fall behind on payments, measured per 100,000 households. This figure provides insight into early-stage financial distress.
  • Mortgage Repossessions: This refers to properties that were taken back by lenders due to unpaid mortgage loans. These figures are also per 100,000 households and indicate the completion of the repossession process

Here is the methodology the Ministry of Justice use.

Mortgage Repossession Data Across London Boroughs

dataset is for the period April to June 2024

Borough Mortgage Possession Claims (per 100,000 households) Mortgage Repossessions (per 100,000 households)
City of London 147.1 0.0
Barking and Dagenham 148.6 9.9
Barnet 127.1 7.6
Bexley 81.9 17.5
Brent 157.0 9.2
Bromley 85.0 4.1
Camden 110.0 7.9
Croydon 177.8 25.7
Ealing 117.3 12.7
Enfield 161.4 15.8
Greenwich 105.4 11.4
Hackney 144.0 14.3
Hammersmith and Fulham 91.4 8.2
Haringey 152.9 17.3
Harrow 94.4 9.1
Havering 66.1 7.5
Hillingdon 110.3 14.7
Hounslow 106.5 15.6
Islington 125.4 11.1
Kensington and Chelsea 86.4 6.7
Kingston upon Thames 69.8 8.6
Lambeth 120.2 14.1
Lewisham 108.1 15.4
Merton 84.8 24.2
Newham 215.5 28.7
Redbridge 111.9 6.4
Richmond upon Thames 81.3 7.7
Southwark 100.5 8.4
Sutton 43.8 10.1
Tower Hamlets 119.2 21.7
Waltham Forest 111.7 10.2
Wandsworth 97.3 2.9
Westminster 279.1 0.0
back to contents

Conclusion

In London’s property market, mortgage repossessions reflect the widening gap between economic hardship and stability. This quarter’s data highlights stark contrasts, with Newham experiencing 215.5 possession claims per 100,000 households, while Kensington and Chelsea face significantly fewer at 86.4.

These figures offer a glimpse into the financial pressures reshaping the capital, as different boroughs experience the effects of rising costs and economic strain. The data serves as a window into the ongoing challenges facing many homeowners across the city today.

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Filed Under: London

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