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FREE landlord softwareMinistry of Justice figures show 47,220 repossession claims were made in England and Wales between January and March 2014. the equivalent of 525 a day.
Of these claims, 69 per cent led to a formal possession order, 37 per cent went to a warrant for possession of the property and 20 percent went on to repossession.
During the same period, there were 10,475 repossessions carried out by county court bailiffs on behalf of landlords. This is the highest level for five years.
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Its all about priorities.
A young friend of mine has just bought his first house. Had to have new carpets, new fridge and redecoration immediately. He has sky TV and both he and his wife have the latest Iphones.
His mortgage is £650 pcm.
My mortgage on my first house assuming it was the same sized mortgage (it is roughly the same priced house today) would have been £1500 per month interest only !! And they said we had it easy !!We had 3 incomes between us to buy our first 2 bed house. Its priorities and many stretch the truth to over extend themselves and get caught out by job changes etc. Thus the latest MMR review.
I wonder where the repossessions are. London? I doubt it (if one was facing repossession, one would just call an estate agent and sell it instead). Northern Ireland? I wonder how many of the repos are there given that house prices there are still 50% off their 2007 peaks. Lot of pain in Northern Ireland. My guess is that the vast majority of these repos are in the North, and Wales. The South of England had this problem in the early 1990's because that section of the country was vastly over-leveraged - this time around, it is the North.
But it would have been nice if the author had told us where the repos are.
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