There’s been a worrying jump in mortgage repossessions this year.
New data from the Ministry of Justice show that, compared to the same quarter in 2024, there were increases in mortgage possession claims from 5,182 to 6,765 (31%), orders from 3,013 to 4,624 (53%), warrants from 2,919 to 3,517 (20%) and repossessions by county court bailiffs from 769 to 1,092 (42%).
This is another sign of the financial pressures on households, despite the recent cuts to UK interest rates.
Adam Butler, public policy manager at StepChange Debt Charity, says:
“This is an incredibly uncertain time for mortgage holders. While last week the Bank of England cut the base rate by 0.25%, which could provide some relief for borrowers, it’s unlikely it’ll have an immediate, meaningful impact for those who are struggling to keep up with mortgage payments. Although overall mortgage arrears remain low, the rise in possessions raises concerns that those already struggling may be especially at risk of falling into problem debt.
“Last year among our clients with a mortgage, we saw average mortgage arrears jump by a staggering 69% - from £6,054 in 2023 to £10,239 in 2024. At the same time, households are being hit with a fresh wave of cost increases, including higher energy bills, council tax, and water bills, further stretching already tight budgets.
“If you are worried about meeting your mortgage payments, don’t hesitate to get in touch with your lender, who can offer support and forbearance options. If you’re struggling with debt, know that you’re not alone - a charity like StepChange is here to help with free and impartial advice.”
