New research from LandlordBuyer found that UK tenancy evictions continue to rise. In the last year
• Landlord possession claims increased from 20,457 to 23,382
• Orders increased from 16,145 to 18,003
• Warrants increased from 8,778 to 9,833 and
• Repossessions increased from 5,427 to 6,649
These figures aren’t just exclusive to the rental market, there has also been an increase in UK mortgage claims and warrants
• Mortgage possession claims increased from 3,163 to 4,384
• Orders increased from 2,482 to 2,702
• Warrants increased from 2,131 to 2,20 and
• Repossessions by county court bailiffs decreased from 735 to 593 (19%).
What do Landlords and property experts think about the rising tenancy repossessions, warrants and claims? LandlordBuyer Managing Director, Jason Harris-Cohen, says:
“I don’t think any of the LandlordBuyer team was surprised to see the rate of repossessions, warrants and claims increase. Despite the average UK private rent increasing annually by 9%, landlord costs have risen exponentially, which has created a negative disparity The most worrying element has been mortgage rates. Landlords coming off fixed-rate, buy-to-let mortgages have found new rates are double what they may have fixed in to five years ago.
Refinancing in the buy-to-let sector now means very slim margins to work with and even heightened rents can’t make up the short fall – especially as insurance policies, maintenance and materials have all risen in cost. It’s a simple case of the rent being received doesn’t always fully cover mortgage repayments.
