Home repossessions rise after Liz Truss budget
EMBARGO: Immediate release
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Mortgage repossessions by court bailiffs double as more people lose their homes in the cost of living crisis
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Liberal Democrats call for Spring Budget to include help for families at risk of losing their homes
New figures out this morning from the Ministry of Justice show that mortgage claims, orders, warrants and repossessions have all increased in the three months to December 2022, following the Liz Truss mini-budget
Compared to the same quarter in 2021, mortgage possession claims are up 23%. Mortgage orders for possession are up 50%, warrants up 88% and repossessions by county court bailiffs have doubled, up 134%.
Today’s figures are the first since the disastrous Liz Truss mini-budget, which sent interest rates to their highest levels since the 2008 financial crisis.
The Liberal Democrats are calling on the Government to include a fund in the Spring Budget to ensure homeowners do not lose their homes as a result of rising mortgage bills.
Liberal Democrat Treasury spokesperson Sarah Olney said:
“The consequences of the mortgage ticking bomb set-off by Liz Truss are being felt hard by homeowners. It is shocking that Liz Truss has still refused to apologise for her economic vandalism which has crippled people with mortgage misery"
“People's homes are on the line and still the Government refuses to act. Botched budgets and a complete failure to control inflation has led to this point.
“Ministers must act now before any more families face the heartbreak of losing their homes.
“The capital and South East have been hit hardest by the mortgage timebomb with bills rising by hundreds of pounds a month, yet still the Government refuses to act. Rishi Sunak is nowhere to be found on this. It is time he stepped in and introduced an emergency mortgage protection fund to stop people losing their homes.”
ENDS
NOTES TO EDITORS
Ministry of Justice figures. Mortgages and landlord repossession statistics:
