Home repossessions double as mortgage costs rise

Home repossessions double as mortgage costs rise

25 Nov 2022

Home repossessions have almost doubled as rising costs force borrowers to fall behind on mortgage payments, according to official figures published by the Ministry of Justice (MoJ).

There were 744 mortgage repossessions by bailiffs in England and Wales between July and September this year, more than 90% higher than the same period last year, according to the data.

Possession claims by lenders, the first step in the repossession process, surged by almost a third from 2,832 to 3,680, while warrants have jumped by 157%.

The number of landlords attempting to evict tenants has also increased, reaching a record high after the pandemic-related eviction ban ended. Mortgage repossessions are still at roughly half the level seen before the pandemic, however the MoJ said they had increased 'significantly' in the past year.

Karen Noye of mortgage broker Quilter said: 'Historically, periods of high interest rates have coincided with an increase in repossessions due to people's monthly payments becoming unaffordable. With high energy and food prices, some people will start to struggle to heat their homes and eat while affording their mortgage.'

Download our TaxApp Today

Tax rates, tips and calculators at your fingertips

Using the latest technology, our App has been developed to provide you with useful tax tools and information via your mobile device. Available for all mobile phones and devices.

Download for FREE now and simply save to your home screen.

The Ollis & Co TaxApp will always be technically up to date and keep you reliably informed.