UK Housing Market 2024 – The year that was!

Home repossessions in the UK have been on the rise throughout 2024, reflecting the financial challenges faced by many households. According to Insider Media, in the third quarter of 2024, the number of homeowner-mortgaged properties being repossessed increased by 39% compared to the same period in 2023.
Earlier in the year, the first quarter saw a 35% increase in repossessions compared to the last quarter of 2023, with nearly 900 properties repossessed. This uptick is largely attributed to older arrears cases progressing through the system as courts address backlogs from the COVID-19 pandemic.
Adding to this, an article in Statista, claimed the second quarter of 2024 recorded 854 repossessions of mortgaged homes and 6,927 repossessions of rental properties by landlords, indicating a broader trend affecting both homeowners and tenants
Despite measures announced by the UK Government, that banks had agreed to a 12-month moratorium on residential repossessions, the number of claims made by banks and landlords to repossess homes in England and Wales reached a five-year high in August 2024, highlighting the ongoing financial pressures on households.
It’s important to note that repossession is considered a last resort, and there are processes in place that can take several months. Seeking debt advice early from institutions like Shelter, can provide more options to address financial difficulties and potentially avoid repossession.
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