New research from LandlordBuyer found that in the last quarter of 2023, there were 23,282 landlord possession claims and 6,649 repossessions in England and Wales.

Comparing the last quarter of 2022 to the last quarter of 2023:

• 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
• 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 2,200 
• Repossessions by county court bailiffs decreased from 735 to 593 (19%). 

LandlordBuyer managing director, Jason Harris-Cohen, said: “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.”

In February this year, UK Finance figures found there was an 11% rise in repossessions of buy-to-let properties. It also found homeowners in mortgage arrears increased by 7%.

Will the rate of landlord repossessions continue to rise?

“Potentially,” says Jason.

“The industry is still focused on the Renters’ Reform Bill and how landlords may have to adapt. We know the Bill includes the application of a Decent Homes Standard in the private rental sector, and finance may have to be found for improvements. 

“If landlords’ only way of raising money for improvements is to remortgage, they will potentially overextend themselves and tread a fine line between profit and loss. It only takes an unexpected turn in the economy for rents to fall, tenant demand to decrease, and mortgage rates to rise. We really need the stars to align to see a fall in repossessions.” 

The typical home extension project in London overruns by an average of 3.1 months, according to new research.

According to the findings, just one in ten extension projects in the city runs to schedule.

Residents facing the longest average delays are in Southampton at 3.6 months, while Edinburgh has the shortest, at one month.

Of the people in London who’ve had an extension in the last five years, more than one in five said the delays ended up costing them more than they’d budgeted for, a fifth said their house wasn’t ready for a significant event – such as Christmas, big birthdays or bringing home a new baby – while 13% had to suddenly find temporary accommodation until the work was completed.

A third of homeowners said the delays left them feeling stressed, 15% lost sleep, and almost one in five were less productive at work. Other knock-on effects include how well homeowners were able to socialise (23%) and children being unable to do their homework (12%).

Delays also led to conflicts, with one in three saying it caused arguments in their household, and 14% saying they fell out with their neighbours. Many have been involved with disagreements with those undertaking the work, with 18% saying they fell out with their builders and tradespeople throughout the delays.

The research also found that a third of homeowners having an extension built faced additional complications, including having to accommodate unforseen challenges such as extra groundwork (32%), having to use multiple different trade teams (32%), mess elsewhere in their property (28%), their home being exposed while work was carried out (25%), and complications with their design (22%).

Alex Hewitt, marketing director for new building system hup!, which undertook the research, said: “A home extension project can often be a major undertaking, and potential delays are one of the main worries people have before building work begins. While our findings show there are reasons to be concerned about traditional methods of building, hup! has been designed as a new and transformative option to eradicate those fears.

“For example, hup! is five times faster to build, meaning what would usually take weeks or months will take days or weeks. This is because it’s delivered as a kit of parts which are connected together rapidly on site, and it can be built in any conditions meaning it isn’t subject to lengthy weather delays.

“There are additional benefits to hup!, too. For example, for those wanting to transform an old conservatory, it can be built onto an existing base which saves a homeowner more time, money and hassle, and it is installed by a single team who manage the project from end to end, meaning there aren’t four or five different trades on site at any one time.

“The hup! system is already having a big impact across the UK for homeowners looking for a faster, easier and more sustainable way to build. By using hup!, homeowners in London can worry less about the stress of potential delays and disruption, and instead focus on a brand new space which will change their lives.”