The Ministry of Justice has released data about the number of mortgage repossessions for this year, compared to last year. I was not expecting much of a difference but surprisingly, the figures are up – and by quite a way too. The figures compare the numbers from April to June 2018 with the numbers for April to June 2019. The numbers say:
- Mortgage possessions have increased by 39% compared to this time last year
- Mortgage orders have risen by 40%
- Warrants for possession issued have risen by 34%
- Mortgage repossessions have increased by 30%
In the most recent quarter, April to June 2019, there were 6,179 claims for possession; up 39% from the same quarter in 2018. This continues the large increase seen in October to December 2018 (with a 30% increase when compared to the same period the previous year); the highest level since October to December 2014.
By contrast, landlord possessions are down. The fall in landlord possession claims is across all regions, with the largest actual decrease seen in Midland and London courts. The overall fall in landlord repossessions is mainly driven by the London courts where landlord repossessions fell from 2,581 in April to June 2018 to 1,919 in April to June 2019, down 26%.
The vast majority of families working through divorce and separation are not the hugely wealthy that appear on the front of the newspapers. Most families could manage 3 months without the main income earner before the situation begins to bite. When families are divorcing and separating, I think there has to be careful attention to what money and property this is and the legal fees that could be incurred. Proportion and creative solution thinking. That’s the key.
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