Ministry of Justice statistics for mortgage and landlord possession show that compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,188 to 6,525 (56%), orders from 2,923 to 4,038 (38%), warrants from 2,345 to 3,119 (33%) and repossessions by county court bailiffs from 635 to 861 (36%).
Landlord possession actions have increased across the board: when compared to the same quarter in 2023 there were increases in landlord possession claims from 24,922 to 25,418 (2%), orders from 17,987 to 19,254 (7%), warrants from 10,044 to 11,763 (17%) and repossessions from 6,167 to 6,942 (13%).
Tom Cuppello, director of risk at financial services consultancy Broadstone, commented on the figures:
“With the volume of mortgage possession claims accelerating, the harsh reality of high-cost mortgages may have a long tail, as high interest rates continue to feed through.”
“The recent interest rate cut by the Bank of England was a welcome move, but with the bank now expected to take a much slower, more gradual approach to further cuts, relief for mortgage holders may be limited in the months and years ahead.
“The data underscores a growing challenge, with possession claims up 56% on last year and particularly acute in areas like London. Lenders need to be prepared to navigate this landscape, continuing to support borrowers facing financial strain while staying resilient against the pressures of rising possessions.”
