Landlord Repossessions Drop
According to the Ministry of Justice Statistics bulletin published on 10th November 2016 entitled “ Mortgage and Landlord Possession Statistics in England and Wales” covering the quarter July to September 2016 there has been a fall in the number of repossessions carried out on behalf of landlords when compared to the same quarter in 2015.
County Court bailiff repossessions were 9,689 that was a drop of 14% in comparison to quarter 3 of 2015. Warrants of possessions amounted to 18,450 that was a fall of 8% in comparison to the 3rd quarter of 2015. Orders for possession totalled 26,157 that was a drop of 10% in comparison to Q3 of 2015. Landlord possession claims amounted to 34,414 that was a drop of 11% in comparison to the 3rd quarter of last year.
It is interesting that of the above landlord possession claims, 23% resulted in county court bailiffs repossessing the property.
Of course, no landlord wishes to be faced with having to go through repossession proceedings to have one of his or her tenants removed from the property. There are no doubt a number of reasons for having to repossess a property. For instance, one of the most common reasons is no doubt due to the tenant getting into arrears with paying their rent over an extended period of time. Another reason could be that it is discovered by the landlord that the tenant has badly damaged the property or its contents that are owned by the landlord.
Obviously, many landlords will carry out their due diligence about the tenant before agreeing that they can rent the property from them. For instance, they may ask for a reference from a previous landlord that the prospective tenant has rented a property from. They may also make enquiries into the financial ability of the tenant to maintain the rental payments. Whilst it is pleasing to read that the number of repossessions has fallen it would be preferable if the numbers continue to reduce in the future.