Mortgage possession claims increased by 11% from October to December 2019, with mortgage orders rising by 24% and repossessions growing by 9% in the same period, latest figures from the Ministry of Justice have shown.
Warrants issued decreased by 17% in October to December 2019, compared to the same quarter 2018.
Responsible Life managing director Steve Wilkie said the figures “point to British households increasingly being weighed down by financial pressures and struggling to make ends meet”.
“This sudden rise points to financial stress in the economy and will be a trend closely watched for signs that a more stable political climate since mid-December has been unable to reverse it,” he added.
“Borrowers have a tendency to be shy about discussing concerns and changes in circumstances with their lender when they start struggling to repay a loan because they fear it will affect the rates they are offered. But this can lead to a build up in financial distress, until ultimately lenders are forced to reach for the last resort of repossession.
“In London where rents are typically much higher, tenants have been feeling the pressure and this has resulted in eight out of 10 of claims by landlords being concentrated in the capital.”
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