Government house repossession statistics – Q2 2008

The latest government report on house repossession for Q2 2008 was published 15 August 2008.

No surprise that there has been a marked increase throughout the UK.

• The figures report how many possession proceedings have been issued, and how many orders for possession have been made by the county courts.

• Since many of the orders made will not have been enforced these figures do not reflect how many properties have actually been taken into possession.

• Figures on properties actually being taken into possession are published twice a year by the Council of Mortgage Lenders. Further information can also be found on their website (www.cml.org.uk).

Mortgage possession actions

• 39,078 mortgage possession claims were issued on a seasonally adjusted basis, 17% higher than in the second quarter of 2007 and with no change than in the first quarter of 2008.

• 28,658 mortgage possession orders were made on a seasonally adjusted basis, 24% higher than in the second quarter of 2007 and 4% higher than in the first quarter of 2008.

• 48% of mortgage possession orders were suspended compared to 46% in the second quarter of 2007 and 47% in the first quarter of 2008

Landlord possession actions

• 37,609 landlord possession claims were issued using the standard and accelerated possession procedures on a seasonally adjusted basis, 2% higher than in the second quarter of 2007 and the same as the first quarter of 2008.

• 28,042 landlord possession orders were made through the standard and accelerated possession procedures on a seasonally adjusted basis, 8% higher than in the second quarter of 2007 and 1% lower than in the first quarter of 2008.

• 40% of landlord possession orders made through the standard and accelerated possession procedures were suspended compared to 39% in the second quarter of 2007 and 41% in the first quarter of 2008.

We suggest that you read the full report, the statistics are incredible to say the least. Landlord possessions have not changed too much for the last 5 years, its the mortgage repossessions that have been increasing at a dramatic rate. Too many people have been caught out in negative equity coupled together with interest rate hikes. If you borrowed at 4% and now have to pay 6%… your mortgage payments just increased by 50%.

Read the full PDF here:
http://www.justice.gov.uk/docs/stats-mortgage-land-q2-2008.pdf