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MoJ Mortgage and landlord possession statistics: "The Mortgage Charter honeymoon period seems well and truly over"

ended 08. August 2024

The Ministry of Justice has this morning published its mortgage and landlord possession statistics: April to June 2024. Full report >> here <<, screengrab below. It says both mortgage and landlord possessions actions have continued to rise in the current quarter. Mortgage claims have reached their highest volume since Q2 2019 and are now close to pre-covid volumes. This increase has been seen across all mortgage possession actions. All landlord possession actions have also continued to rise compared to the same period in 2023, albeit at a lesser rate than mortgage possession actions and not yet at pre covid levels. Newspage asked brokers and debt specialists for their views, below.

2 responses from the Newspage community

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Patricia McGirr
Founder at Repossession Rescue Network
It seems lenders are back on the offensive in relation to dealing with delinquent accounts. These increases suggest any alternatives to repossession simply aren't working. The knock-on effect of this in the rental market is likely to be increased rental demand, higher rents and lower stock availability. We've already seen this happen in many locations. For borrowers with poor credit and who lose their homes, finding stable, secure accommodation is likely to be a real challenge when the market is so competitive. Who will house them when they are evicted? The response to landlord and homeowner mortgage arrears needs a major overhaul.
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Ben Perks
Managing Director at Orchard Financial Advisers
The Mortgage Charter honeymoon period seems well and truly over and the repossessions are starting to flood in. Horrible to see, but this was the inevitable consequence of a government taking little to no action when people needed it.