There was a 61% annual increase in mortgage repossessions in Q4, rising from 595 to 957, government data showed.
Figures from the Ministry of Justice (MoJ) found that compared to the year before, there was a 39% rise in mortgage possession claims to 6,080, while orders increased by 55% to 4,178 and warrants were 48% higher at 3,305.
The MoJ said possession claims had generally risen since the second quarter of 2021 and continued to increase. Similar trends were also noted in orders and warrants.
The median average time from claim to a mortgage possession fell from 50.7 weeks in the final quarter of 2023 to 46 weeks at the end of last year.
Toby Leek, NAEA Propertymark’s president, said: “It’s difficult to witness the real-world effects of higher interest rates and instability within the wider economy impacting homeowners. The last 12 months have been challenging for many. However, with recent reductions in the base rate and inflation broadly sitting within the initially targeted range that the Bank of England has been aiming for, we should slowly start to see more affordable mortgage products being offered.
“Throughout the year, this should help ease the financial burden that many people have been facing, including those who are coming to the end of their fixed rate mortgage.”
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Slight annual rise in landlord possession actions
There was a rise in landlord possession actions for all court stages since the same period in 2023.
Claims increased by 3% to 24,010, orders rose 2% to 18,416, warrants went up by 7% to 10,877 and repossessions were up by 5% to 7,020.
Some 30% of landlord possession claims were from the private rented sector (PRS), while social landlords accounted for 38% of claims.
Claims and orders rose in most regions and were concentrated in London, which saw 8,366 landlord claims and 5,870 landlord orders in Q4 2024. This accounted for 35% and 32% of the respective totals.
The median average time from claim to repossession increased to 25 weeks compared to 23.6 weeks in 2023.
