High arrears can mean people are at risk of losing their home, but experts do not believe the figures will have a big impact on prices
UK mortgage arrears have hit a seven-year high in the final quarter of 2023, according to Bank of England data, which reveals the impact of high borrowing costs on household finances.
The Bank of England has increased rates from a historic low of 0.1 per cent to the current 5.25 per cent “Additional supply could worsen price falls,” said Cameron Misson, economist with the Centre for Economics and Business Research . Since then, lower interest rates, a more proactive approach from lenders and more regulation have helped decrease arrears.
Lucian Cook added that the level of people in arrears is only 8 per cent higher than the average for the past 10 years.
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