Mortgage possessions grow by 28%

Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown.

Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession claims increased from 4,035 to 5,182 (28%), orders from 2,532 to 3,019 (19%), warrants from 2,636 to 2,881 (9%) and repossessions by county court bailiffs from 729 to 759 (4%).

Meanwhile, orders went up 19% from 2,532 to 3,019, warrants by 9% from 2,636 to 2,881 and repossessions by county court bailiffs saw a 4% rise from 729 to 759. Landlord possession actions have also all increased this quarter and are now almost at their pre-covid 2019 figures.

All landlord possession actions have increased compared to the same period in 2023 but at a lesser rate than mortgage possession actions. When compared to the same quarter in 2023, landlord possession claims increased from 23,389 to 24,874 (6%), orders from 17,644 to 18,154 (3%), warrants from 10,503 to 11,407 (9%) and repossessions from 6,501 to 6,864 (6%).

The median average time from claim to mortgage repossession has decreased to 45.7 weeks, down from 60.9 weeks in the same period in 2023. Whilst the median average time from claim to landlord repossession has increased to 24.1 weeks, up from 22.4 weeks in the same period in 2023.

Mortgage and landlord possession claims rates have also risen across all regions. Westminster had the highest rate of mortgage possession claims at 279 per 100,000 households owned by mortgage or loan, followed by Newham and Croydon; with 215 and 178 claims per 100,000, respectively.

The highest private landlord possession claim rates were found in London, with six of the 10 highest rates occurring in this region. Barking and Dagenham had the highest rate for private landlord claims.

The highest social landlord possession claim rates were also found in London with five of the 10 highest rates occurring in this region. Croydon had the highest rate for social landlord claims.