Finance

Mortgage possession claims highest since 2019

Mortgage Advice Bureau

The latest figures show there were 5,182 in the first quarter of 2024, the highest number since 2019 and a rise of 28% in three months

Mortgage possession claims have hit a five year high in the aftermath of Liz Truss’s mini-budget.

According to new figures, the claims surged by more than a quarter in just three months and are now at their highest since 2019.

Experts warn millions of households across the country are struggling with huge mortgage bills after the average two-year fixed rate climbed to more than 6%, although it has since dropped.

Truss has refused to take the blame for the higher rates that hit homeowners after her October 2022 mini-Budget.

The subsequent fallout saw her ousted from office by her own MPs after less than six weeks as prime minister.

The latest figures show there were 5,182 in the first quarter of 2024, the highest number since 2019 and a rise of 28% in three months.

After the figures were published by the Ministry of Justice the Treasury said it acknowledged that “many people are continuing to struggle”.

Lib Dem Treasury spokesperson Sarah Olney said the statistics were “deeply worrying” and show a sharp rise in families at risk of losing their homes due to surging mortgage rates.

She accused the Conservatives of crashing the economy with the mini budget and then failing “to lift a finger to help those impacted by this Conservative chaos. It is unforgivable and shows just how out of touch the Conservative Party is with people struggling to get by.”

Housing charity Shelter said the figures also showed no-fault bailiff evictions had surged to six year high, with 2,682 households affected between January and March – an increase of 19% in a year.

Polly Neate, Shelter’s chief executive said evictions were “rocketing to new heights” five years after ministers “pledged to rebalance the scales in private renting”.

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