Home repossessions increase significantly as budget sets off a mortgage ticking time bomb

• Staggering rise in repossessions by court bailiffs, nearly doubling compared to last year

New figures out today from the Ministry of Justice show that “mortgage claims, orders, warrants and repossessions have increased significantly”.

Compared to the same quarter in 2021, mortgage possession claims are up 30%. Mortgage orders for possession are up 103%, warrants up 157% and repossessions by county court bailiffs up 91%. 

Today’s figures do not yet account for the massive increase in interest rates following the disastrous mini-budget. 

The Liberal Democrats are calling on the Government to include a fund in the Autumn Statement next week to save homeowners from losing their homes. 

Liberal Democrat Treasury spokesperson Sarah Olney MP said: 

"These worrying figures risk being just the tip of the iceberg, with the Conservatives’ disastrous mini-budget setting off a mortgage ticking time bomb for families across the country.  

"Millions are already struggling to pay a Conservative Property Penalty worth hundreds of pounds, and now more people are in danger of losing their own home through no fault of their own.

“No one should have to worry about the roof over their head because of this Government’s catastrophic incompetence.

“Ministers must use next week's Autumn Statement to launch a Mortgage Protection Fund, targeted at those most at risk of losing their homes, to offer struggling households a lifeline up to £300 a month. This could be funded by reversing tax cuts for large banks that are making huge profits from soaring interest rates."

ENDS

NOTES TO EDITORS 

Ministry of Justice figures. Mortgages and landlord repossession statistics: July to September 2022

Mortgage and landlord possession statistics: July to September 2022 - GOV.UK (www.gov.uk)