05-11-2007
MoJ reveals fall in landlord possessions
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
New statistics released by the Ministry of Justice (MoJ) show a decrease in the number of landlord possessions made in recent months.
In its quarterly figures, the MoJ found that 37,489 landlord possession claims were made during the third quarter of the year.
This represented a nine per cent fall on the same period last year, suggesting an increased ability among landlords to make their buy-to-let mortgage repayments.
A less pronounced drop was recorded in the number of landlord possession orders made over the quarter. With 26,807 orders made, there were one per cent fewer than in the corresponding quarter in 2006.
In the mortgage market as a whole - including the buy-to-let mortgage sector - the number of possession claims increased by one per cent, while orders fell by one per cent, year-on-year.
Commenting on the figures, the Royal Institution of Chartered Surveyors said it expects there to be 43,000 repossessions in 2008.