Today’s mortgage possession data from the Ministry of Justice for the latest quarter (July to September 2024), finds that mortgage possession claims are surging.
The latest quarter saw a total of 6,525 mortgage possession claims, marking a 56% yearly increase from the same quarter of 2023 (4,188), and a significant 77% increase from the same quarter of 2022 (3,681).
This means that mortgage possession claims for 2024 so far are at 17,055. At the same point last year, the claims total stood at 12,214 – a 5,000 gap. London boroughs accounted for 6 of the 10 local authorities with the highest rate of mortgage possession claims.
Tom Cuppello, Director, Risk at leading financial services consultancy Broadstone, commented: “With the volume of mortgage possession claims accelerating, the harsh reality of high-cost mortgages may have a long tail, as high interest rates continue to feed through.”
“The recent interest rate cut by the Bank of England was a welcome move, but with the bank now expected to take a much slower, more gradual approach to further cuts, relief for mortgage holders may be limited in the months and years ahead.
“The data underscores a growing challenge, with possession claims up 56% on last year and particularly acute in areas like London. Lenders need to be prepared to navigate thislandscape, continuing to support borrowers facing financial strain while staying resilient against the pressures of rising possessions.”
