We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Home repossessions double as mortgage costs rise

25 Nov 2022

Home repossessions have almost doubled as rising costs force borrowers to fall behind on mortgage payments, according to official figures published by the Ministry of Justice (MoJ).

There were 744 mortgage repossessions by bailiffs in England and Wales between July and September this year, more than 90% higher than the same period last year, according to the data.

Possession claims by lenders, the first step in the repossession process, surged by almost a third from 2,832 to 3,680, while warrants have jumped by 157%.

The number of landlords attempting to evict tenants has also increased, reaching a record high after the pandemic-related eviction ban ended. Mortgage repossessions are still at roughly half the level seen before the pandemic, however the MoJ said they had increased 'significantly' in the past year.

Karen Noye of mortgage broker Quilter said: 'Historically, periods of high interest rates have coincided with an increase in repossessions due to people's monthly payments becoming unaffordable. With high energy and food prices, some people will start to struggle to heat their homes and eat while affording their mortgage.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2023 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.