OFFICIAL: Landlord repossessions jump by a quarter

Landlord repossessions jumped by nearly a quarter at the end of last year, official statistics reveal.

There was an increase from 5,427 to 6,649 or 23% in the final three months of 2023 compared to the previous year.

Possession claims by landlords went up from 20,457 to 23,382 (14%) at the same time, the Government figures show.

All regions

The increase in possessions has affected all regions of the country, but is highest in London.

The average time from claim to landlord possession has increased to 23.7 weeks, up from 21.7 weeks in the same period in 2022.

Paul Shamplina, Founder of Landlord Action, claims letting agents and landlords face an evictions system in crisis, with many waiting over a year to evict problem tenants.

He says many landlords are experiencing long waits just to secure a court date, let alone obtain possession orders.

Claims increase

Mortgage possession claims increased from 3,163 to 4,384 (39%), but repossessions by county court bailiffs decreased from 735 to 593 (19%).

The average time from claim to mortgage repossession has decreased to 50.5 weeks, down from 63.7 weeks.

Arrears

According to bank trade body UK Finance, there were 13,570 buy-to-let mortgages in arrears of 2.5% or more in the fourth quarter of 2023, 18% more than in the previous three months.

A total of 500 buy-to-let mortgaged properties were taken into possession in the fourth quarter of 2023, an increase of 11%.

There were 93,680 homeowner mortgages in arrears in the fourth quarter, which was 7% more.

And 540 homeowner mortgaged properties were repossessed, 14 per cent fewer.

Repossessions rise 50% in first quarter with big rise in buy-to-let