0:04 AM, 11th December 2024, About a month ago 11
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Thousands of people across England and Wales are facing the prospect of homelessness in the lead-up to Christmas, new figures reveal.
Analysis from Tlyfe, a tenant app, and Benham and Reeves, the lettings and estate agency, paints a grim picture of the PRS and owner-occupier markets.
Tlyfe’s data indicates that around 2,425 tenants are expected to lose their homes between October and December because the landlord is repossessing the property.
This represents an 11.2% increase compared to the same period last year.
The firm says that private rented sector repossessions have been steadily rising throughout 2024.
While there was a slight dip in the second quarter, the trend resumed its upward trajectory in the third quarter and is projected to continue into the final quarter of the year.
The chief executive of OpenBrix, Adam Pigott, said: “No tenant wants to lose their home, particularly in the run up to Christmas, but rental market repossessions are an unfortunate reality that thousands of tenants face each and every year.
“It’s important to note that such evictions aren’t always the fault of the tenant, and this can make it a particularly bitter pill to swallow.”
He added: “Not only do they face the instability that comes from losing their home, but they’re also thrust back into the rental market fray and forced to undergo the often laborious task of finding another rental home.”
The data from Benham and Reeves paints a bleak picture for thousands of homeowners with an estimated 876 mortgaged homeowners losing their homes before the end of 2024.
This trend mirrors the rising number of rental repossessions.
In the first quarter of 2024, 769 mortgaged homes were repossessed by the lender, a 29% increase compared to the previous quarter.
While the rate of repossessions slowed slightly in the third quarter, it’s expected to surge again in the final quarter, with a projected 47% increase compared to the same period in 2023.
Overall, 2024 is shaping up to be a challenging year for homeowners, with a total of 3,375 mortgaged homes expected to be repossessed, a 29% increase over 2023.
Director of Benham and Reeves, Marc von Grundherr, said: “2024 has largely been a story of positivity where the property market is concerned, and we’ve seen more buyers returning and house prices climbing steadily over the course of the year.
“We’ve also seen two long awaited reductions to the base rate, but despite this, mortgage rates simply haven’t reduced by as much as expected – in fact, they’ve largely trended upwards.”
He added: “This has meant that homebuyers have continued to contend with affordability constraints and those already on the ladder have also been contending with the significant increase in borrowing costs seen in recent years.
“This huge increase in the monthly cost of their mortgage means that many simply can’t afford to keep up and this is the driving factor behind a seasonal spike in repossessions.”
Cider Drinker
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Sign Up6:50 AM, 11th December 2024, About a month ago
As the horrors of the Renters Rights Bill, supported by the NRLA and Shelter (who don’t provide shelter to anybody) hit home, eviction becomes inevitable.
It’s what the government wants and their sock puppets are doing a good job in ensuring U.K. citizens lose their homes.
Ryan Stevens
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Sign Up10:21 AM, 11th December 2024, About a month ago
All part of successive governments deliberate drive to force out small landlords and encourage big business landlords.
You reap what you sow.
moneymanager
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Sign Up11:40 AM, 11th December 2024, About a month ago
I avoid pre Christmas tenancy ends like the plague, end of Nivember to beginning of March is like being becalmed in the Sargasso Sea, what's the reason for these expensive induced voids
Cider Drinker
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Sign Up11:56 AM, 11th December 2024, About a month ago
Reply to the comment left by moneymanager at 11/12/2024 - 11:40
Those evictions will have been started many months ago.
The timing is controlled by the Courts.
The Courts are controlled by the government.
Cider Drinker
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Sign Up12:00 PM, 11th December 2024, About a month ago
The key takeaway from this article is…
𝐓𝐡𝐢𝐬 𝐭𝐫𝐞𝐧𝐝 𝐦𝐢𝐫𝐫𝐨𝐫𝐬 𝐭𝐡𝐞 𝐫𝐢𝐬𝐢𝐧𝐠 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐫𝐞𝐧𝐭𝐚𝐥 𝐫𝐞𝐩𝐨𝐬𝐬𝐞𝐬𝐬𝐢𝐨𝐧𝐬.
Homeowners and landlords share many of the same pressures. Higher interest rates, high inflation, cost of living crisis, low wage growth.
Chris @ Possession Friend
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Sign Up12:10 PM, 11th December 2024, About a month ago
Landlords are ' clearing the dead wood ' in advance of the vindictive legislation supported by those who purport to stand up for tenants ( and even some who should be standing up for Landlords ! )
Ultimately, 99% of Tenancies are ended of the Tenants volition and of the long court Possession claims process, the overwhelming evictions are justly deserved.
The more legislation on the PRS is inflicted upon the PRS, the more Tenants will ultimately suffer.
No matter what legislation is concocted, there will always be Tenancies that need to be ended and always Tenants that need and fully deserve Eviction.
All the Kings horses and all the Woke politicians - Tenant groups will never change that fact.
moneymanager
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Sign Up12:27 PM, 11th December 2024, About a month ago
Question, who is buying the former PRS dwellings?
Cider Drinker
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Sign Up12:46 PM, 11th December 2024, About a month ago
Reply to the comment left by moneymanager at 11/12/2024 - 12:27
Mine went to a first time buyer (long term local family) who had been renting elsewhere in the village. The previous landlord was selling.
Dylan Morris
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Sign Up6:45 AM, 12th December 2024, About a month ago
What difference does Christmas make ? Most of our large city populations have been re-engineered to consist of followers of other religions, so most not affected by the two days Christian holiday shutdown.
Reluctant Landlord
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Sign Up7:53 AM, 12th December 2024, About a month ago
The point about it being a certain time of the year is irrelevant. Possession claims start months before and dependent wholly on when the court issue papers and when the bailiffs can go in.
No trend other than that possessions are taking place. End of news story.