Drop in households in negative equity over the last 18 months
But around 26 per cent of mortgages taken out in 2007 are now in negative equity
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The number of borrowers in negative equity has declined by more than 100,000 since the first three months of last year, from 827,000 to 719,000, according to figures released by the Council of Mortgage Lenders.
The figures also show that the proportion of first-time buyers who have taken out loans since 2005 and are in negative equity has declined from 26 per cent to 20 per cent.
Around 90 per cent of all borrowers taking out loans since 2005 hold some equity in their property, with more than half owning at least 30 per cent of the value of the property.
The CML data also indicates that payment problems peaked during the recent economic downturn at much lower levels than in the early 1990s and have been on a downward path since 2009.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments