Mortgage repossession claims from Lenders have risen 39 per cent from Q2 2018 to Q2 2019, according to new data collected by the Ministry of Justice (MOJ) surging to its highest rate since 2014. The increase represents the fourth consecutive month in which mortgage possession claims rose, reaching 6,179 in Q2.
The research also shows that mortgage orders, warrants and repossessions by county court bailiffs have also risen, increasing by 40 per cent, 34 per cent and 30 per cent. Whilst the median average time from claim to repossession has declined over the same time period, from 42 weeks to 36 weeks.
Landlord possession instructions, claims, orders, warrants and repossessions by county court bailiffs all fell, declining by 9 per cent, 6 per cent, 4 per cent and 10 per cent. The median time taken to repossess a property under this category also fell, dropping by 0.1 week to 19.6 weeks in Q2 2019.