Mortgage and Landlord Possession Statistics: October to December 2024
Mortgage claims, orders, warrants and repossessions increased Compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,385 to 6,080 (39%), orders from 2,697 to 4,178 (55%), warrants from 2,240 to 3,305 (48%) and repossessions by county court bailiffs from 595 to 957 (61%).
Landlord possession actions have all increased When compared to the same quarter in 2023 there were increases in landlord possession claims from 23,374 to 24,010 (3%), orders from 17,994 to 18,416 (2%), warrants from 10,170 to 10,877 (7%) and repossessions from 6,664 to 7,020 (5%).
Mortgage possession claims have risen across most regions Increases in landlord possession claims have been driven by an increase in London although this is offset slightly by falls in Wales, the North East, and the South West. Increases in mortgage possession claims have been recorded in all regions. Private landlord and mortgage claims remained concentrated in London.
Median timeliness for mortgage repossessions has continued to decrease. The median average time from claim to mortgage repossession has decreased to 46.0 weeks, down from 50.7 weeks in the same period in 2023.
Median timeliness for landlord repossessions has increased. The median average time from claim to landlord repossession has increased to 25.0 weeks, up from 23.6 weeks in the same period in 2023.
Toby Leek, NAEA Propertymark President, comments:
“It’s difficult to witness the real-world effects of higher interest rates and instability within the wider economy impacting homeowners. The last twelve months have been challenging for many, however, with recent reductions in the base rate and inflation broadly sitting within the initially targeted range that the Bank of England has been aiming for, we should slowly start to see more affordable mortgage products being offered.
“Throughout the year this should help ease the financial burden that many people have been facing, including those who are coming to the end of their fixed-rate mortgage”
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