MoJ: Mortgage and Landlord Repossession Statistics
The Ministry of Justice are reporting that there has been two major spikes in mortgage possession claims that were issues in the County Courts of England and Wales.
The first major spike, also the largest, occurred in 1991 with the second following suit in the first half of 2008. An increase in the number of claims from 2003 led to the latter peak, this being followed by a steep fall over the second half of 2008 and 2009.
The fall coincided with lower interest rates, a proactive approach from lenders in managing consumers in financial difficulties, and various interventions, such as introduction of the Mortgage Pre-Action Protocol.
Over the last two years, the number of claims has decreased slightly. On a seasonally adjusted basis, there were 16,663 mortgage possession claims issued in quarter one (January to March) of 2012, five per cent lower than in quarter four of 2011.
There are various reasons why a claim may not lead to an order for possession being made by the judge (e.g. the parties may have resolved the dispute before the hearing takes place). On a seasonally adjusted basis, there were 12,925 claims which led to a mortgage possession order being made in the first quarter of 2012, three per cent lower than in the fourth quarter of 2011.