Mortgage and landlord possession statistics for July to September 2024 saw significant increases when compared to the same quarter last year, data from the Ministry of Justice has revealed.
Mortgage possession claims rose from 4,188 to 6,525, a 56% increase.
Orders increased from 2,923 to 4,038 (38%), warrants from 2,345 to 3,119 (33%), and repossessions by county court bailiffs rose from 635 to 861 (36%).
Similar trends were noted in landlord possession actions, with claims rising 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 increasing from 6,167 to 6,942 (13%).
The report also highlighted that increases in landlord possession claims were primarily driven by London, while Wales and the North West saw declines.
For mortgages, claims rose in all regions.
The median time from claim to mortgage repossession decreased to 43.9 weeks from 57.8 weeks in the same period in 2023.
However, the median time for landlord repossessions increased to 24.5 weeks, up from 23.0 weeks in 2023.
Nathan Emerson, CEO at Propertymark, said: “Considering both inflation and interest rates have tracked downward across the year, many people are still potentially battling longer term effects, and some are ultimately struggling.
“With the average house price in the UK being £293,000, many buyers, especially first-time buyers will struggle to step onto the housing ladder, even more so for those in England who will also contend with the new Stamp Duty Land Tax threshold from April next year.
“We now hope to see the UK Government act on its ambitions to build more quality homes across the country with the appropriate infrastructure in place, alongside interest rates and other costs reducing further to ease the pressure on people’s finances.”
