Government house repossession statistics – Q1 2008

House repossession statistics

UK house repossession statistics – the shocking truth

In this country property is currently enormously expensive, unaffordable for many people. Many housing market experts feel that the situation simply can’t be sustained and that house repossessions will keep rising.  The figures back up their fears… the latest UK government house repossession statistics are alarming.

The Government is hoping that the extension of free professional legal advice in county courts will result in 85% of repossession orders being shelved, giving people a breathing space to find ways to avoid repossession. The government has launched a comprehensive rescue package designed to support those under threat of losing their homes.

But home repossessions have increased every year since 2004, and they’re due to rise again during 2008. This year, the number of people predicted to fall into arrears with their mortgage is set to rocket by an estimated 8.6%.

Interest rate hikes don’t help house repossessions UK statistics. Until recently and the new 3% base rate, the credit crunch has led to a big increase in the cost of borrowing, meaning recent rate increases haven’t been passed on to the consumer. And inflation is on the up. Today’s house repossession statistics don’t give much room for optimism.

The Government’s most recent Quarterly Mortgage and Landlord Possession Statistics, released in May and covering the first quarter of 2008, don’t look good.

During the first quarter of this year around 40,000 mortgage possession claims were issued.

The report gives numbers of mortgage and landlord possession actions in the county courts of England and Wales during quarter one 2008. House repossession statistics:

• 38,688 claims were issued by UK lenders, a 7% increase on 2007.

• The number of home owners issued with eviction orders increased by 17% to just over 27,500.

• The CML (Council of Mortgage Lenders) has increased it’s forecast for 2008 UK repossessions to 45,000. But because the CML has been known to under-report, the actual figure might be as high as 70,000.

• The UK boasts an estimated 1 million buy to let mortgages, when ten years ago there were barely 20,000. Many of these are under threat as rental income slumps, and still more are on the verge of negative equity.

You can read the entire house repossessions UK report at: http://www.justice.gov.uk/publications/mortgatelandlordpossession.htm

More house repossession statistics: For information about properties being taken into possession, published twice a year by the Council of Mortgage Lenders (CML), visit cml.org.uk For the full Ministry of Justice report, visit: justice.gov.uk/publications/mortgatelandlordpossession.htm

House repossessions UK – the uncomfortable facts
Take a look at house repossessions. UK statistics tell a story… the housing boom is over. After more than a decade of galloping house prices and big, fast profits, the bubble is finally bursting. UK house repossessions are on the increase, house repossession statistics are worrying and the number of families and individuals at risk is rising. Inflation, fuel costs and interest rate hikes are starting to hit hard. But how is UK home repossession affecting your region?

House repossessions UK by region

• Bedfordshire 472, up 15% since the first quarter of 2007
• Cambridgeshire 494, up 17%
• Cheshire 782, up 14%
• Cleveland 607, up 17%
• Cumbria 270, up 13%
• Derbyshire, 536 up 17%
• Devon and Cornwall 825, up 15%
• Devon and Cornwall 825, up 15%
• Dorset 379, up 27%
• Durham 610, up 14%
• Dyfed Powys 294, up 37%
• Essex 1376, up 14%
• Gloucestershire 252, up 34%
• Greater Manchester 2697, up 25%
• Gwent 515, up 1%
• Hampshire and Isle of Wight 1043, up 9%
• Hertfordshire 493, up 14%
• Humberside 667, up 13%
• Kent 1366, up 1%
• Lancashire 1324, up 25%
• Leicestershire 539, up 18%
• Lincolnshire 501, up 32%
• Merseyside 1565, up 30%
• Norfolk 384, up 21%
• North Wales 566, up 44%
• North Yorkshire 360, up 17%
• Northamptonshire 658, up 27%
• Northumbria 1186, up 18%
• Nottinghamshire 1070, up 25%
• Somerset 772, up 21%
• South Wales 1327, up 18%
• South Yorkshire 1137, up 26%
• Staffordshire 820, up 11%
• Surrey 438, up 14%
• Sussex 817, up 18%
• Thames Valley 1160, up 13%
• Warwickshire 404, up 14%
• West Mercia 684, up 25%
• West Midlands 2946, up 23%
• West Yorkshire 1187, up 24%
• Wiltshire 378, up 21%

House repossessions UK – some alarming conclusions

• Only Kent, Gwent and Hampshire & Isle of Wight first quarter UK house repossession percentages fall into single figures.

• North Wales tops the pile with a huge 44% increase in mortgage possession claims on the same period – quarter 1 – of 2007.

• Dyfed Powys comes a close second with a 37% increase on the same period in 2007.

• Merseyside comes third with 30% more repossessions during quarter one of this year.

Source: Ministry of Justice website. Read the full report at: http://www.justice.gov.uk/publications/mortgatelandlordpossession.htm