New government data shows that when compared to the same quarter in 2023 there were increases in landlord possession claims in Q3 this year.
The rise was from 24,922 to 25,418 (2%), with possession orders from 17,987 to 19,254 (7%), warrants from 10,044 to 11,763 (17%) and repossessions from 6,167 to 6,942 (13%).
Increases in landlord possession claims have been driven by an increase in London although this is offset by falls in Wales and the North West.
Increases in mortgage possession claims have been recorded in all regions. Private landlord and mortgage claims remained concentrated in London.
The Office for National Statistics suggests that both mortgage and landlord possession actions have continued to rise this quarter, reaching 2019 levels, although mortgage actions have increased at a much greater rate than landlord actions.
The rise in landlord claims is driven by an increase in private landlord claims, whilst social landlord and accelerated claims have remained relatively stable.
Landlord possession actions have shown a general increase since Q2 2021.
Within the landlord possession actions, claims have increased across all procedures with accelerated claims down 2%, private landlord claims up 5% and social landlord claims up 3% compared to the same quarter in 2023.
In Q3 2024, 36% or 9,069 of all landlord possession claims were social landlord claims compared to private landlord claims (31% or 7,786). 34% (8,563) were accelerated claims. This contrasts with pre-Covid proportions when a majority of claims (around 60%) were social landlord claims.
In response to the latest figures, Nathan Emerson, chief executive at Propertymark, says: “Considering both inflation and interest rates have tracked downward across the year, many people are still potentially battling longer term effects, and some are ultimately struggling.
“With the average house price in the UK being £293,000, many buyers, especially first-time buyers will struggle to step onto the housing ladder, even more so for those in England who will also contend with the new Stamp Duty Land Tax threshold from April next year.
“We now hope to see the UK Government act on its ambitions to build more quality homes across the country with the appropriate infrastructure in place, alongside interest rates and other costs reducing further to ease the pressure on people’s finances.”
This article is taken from Landlord Today