Overview of Repossession Stats for January to March 2024: Mortgage Possession Claims Increases

In this article, we will delve into the landscape of mortgage and landlord possession statistics for the period spanning January to March 2024. It is based on the latest statistics released for England and Wales. 

A comparative analysis against the same quarter of the previous year unveils notable trends, underscoring shifts in possession claims, orders, warrants, and repossessions. Overall as a very brief summary, mortgage possession claims have increased to their highest level since pre-COVID times.

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Mortgage Possession Overview

Amidst the economic backdrop, mortgage possession claims, orders, warrants, and repossessions have experienced a discernible surge. Comparing figures to Q1 2023 reveals significant spikes: 

  • Possession claims escalated from 4,035 to 5,182 (a 28% surge)
  • Orders elevated from 2,532 to 3,019 (a 19% increase)
  • Warrants progressed from 2,636 to 2,881 (a 9% uptick)
  • Repossessions by county court bailiffs advanced from 729 to 759 (a 4% rise)

This surge, is reflective of changes to the affordability of mortgages for homeowners. In the next few months, as claims follow through to repossessions we could see increases to pre-COVID levels. This is why it is important to speak to an expert when you receive a claim to stop repossession.

mortgage possession charts q1 2024

Landlord Possession Trends

Echoing the trajectory of mortgage possession, landlord possession actions have registered an upward trend. 

In comparison to Q1 2023, landlord possessions have increased with:

  • Claims have ascended from 23,389 to 24,874 (a 6% increase)
  • Orders have inched from 17,644 to 18,154 (a 3% increase)
  • Warrants have surged from 10,503 to 11,407 (a 9% increase)
  • Repossessions have elevated from 6,501 to 6,864 (a 6% increase).

This analysis underscores the intricate interplay between economic forces, housing policies, and broader societal dynamics shaping landlord possession trends. With the introduction of the Rental Reform Bill, tenants may get further protection in legislation.

Geographic Variations in Possession Claims

Geographical analysis reveals a pervasive increase in possession claims across all regions. Notably, London emerges as a focal point, with a concentration of private and social landlord claims. Among the top 10 claim rates, London commands a significant share, with 6 and 5 entries in the private and social landlord categories, respectively.

This spatial analysis illuminates the regional disparities and underscores the need for tailored interventions to address localised challenges in possession claims.

Regional Possession Claims

Regional variations in possession claims unveil intriguing insights into localised dynamics. London in general dominates the statistics for regional possession claims. Westminster has the highest rate of mortgage possession claims followed by Newham and Cyrodon. Croydon has the highest social landlord claims and Dagenham and Barking have the highest rates of private landlord claims.

There is a clear link between regional possession claims and cost of living. London has the highest cost of living in England and Wales so leads to more people struggling and falling into arrears. However, for properties that move from the claim into a repossession, regional data shows Burnley and Hartlepool are the most affected.

Regional Repossessions (by County Court Bailiffs)

Delving deeper into regional repossessions, nuances emerge in possession rates across different locales. 

Hartlepool has the highest level of mortgage repossessions in England and Wales. Yet, Burnley has the highest level of private and social landlord repossessions. London still features highly on each of the three datasets.

Again, repossessions are linked to cost of living. For example, Hartlepool has the one of the highest levels of unemployment in England, highlighting how homeowners could enter arrears and subsequently repossession. 

What to do if You Receive and Possession Claim?

The first thing to do is don’t panic. There are several options available to you, but it would be best to speak to a repossession expert

They can listen to your situation, explain your options and offer assistance. It is what we do at Homeowner Management Services, we help those at risk of repossession. 

We will make a list of suggestions, most of which start by speaking to your lender. If you understand your situation and try to find a solution they will be more willing to work with you and keep you in your home. 

Even if your repossession is an hour away we can help. 

Call our team of experts 24 hours a day, 7 days a week.