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Northern Ireland mortgage actions for possession

ended 23. August 2024

The NI Department of Justice has just published a report showing the below. Any views, send them across ASAP as this story is BREAKING.

  • 285 mortgage cases received (writs and originating summonses issued), 24% more than the number received during the same period in 2023 (230).
  • 133 mortgage cases disposed, 22% more than the number disposed during the same period in 2023 (109).
  • 129 orders made, 17% more than the number made during the same period in 2023 (110).

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Editor
Gabriel McKeown
Head of Macroeconomics at Sad Rabbit - Substack Newsletter
The NI mortgage market is currently navigating a complex economic landscape marked by rising legal actions related to mortgage possessions. Recent data indicates a 24% increase in cases received, a 22% rise in cases disposed, and a 17% uptick in final orders made compared to 2023. This surge in legal actions paints a vivid picture of the mortgage market's turbulent landscape, in the face of broader economic pressures. Yet, despite these challenges, the housing market has shown resilience, with prices maintaining stability due to limited supply and strong demand. Many homeowners are currently caught in a perfect storm, with the relentless tide of rising rates having left them gasping for financial air. However, although the mortgage market may be weathering a tempest now, calmer seas could be ahead, with the anticipated stabilisation of interest rates later this year offering a much-needed reprieve for struggling homeowners and a glimmer of hope amid the current economic turmoil.