If we, economically and societally, want a functioning mortgage market, where secured lending is priced in a different way to unsecured, then that security must mean something. Between September 2009 and December 2017, 8,506 PDH properties were repossessed.
This equates to around one in 16 of those that were in arrears at the 2013 peak, or 7% of the restructured accounts, providing evidence that this action has been taken as a last resort as required under the CCMA. Approximately two thirds of these were surrendered or voluntarily sold, with the remainder repossessed through the courts.