Credit: The Bolton News
Rental Repossession Trends in Bolton: A Closer Look
Cardwells Estate Agents reveals that renters are feeling the squeeze, with landlord claims rising by six percent nationwide. In Bolton, 503 landlord claims were made in the year to March, resulting in 149 repossessions. This marks an increase from 2022-23 when 468 claims were made. Andrew Cardwell, Managing Director at Cardwells Estate Agents, commented on these findings: “These statistics are really interesting as although they show that more repossession claims were made in the last 12 months, only around a third of the amount of the previous year actually made it to the point where a bailiff took possession of the property.” He suggested that the figures from previous years might have been inflated due to court backlogs following Covid-19. “The courts were reasonably lenient for both mortgage repossessions and tenancy possession matters during, and post-pandemic. In fact, the courts were closed completely for a period,” he noted. Although unpleasant to think about, it is not unusual that some matters would come before the court, and a proportion of those will lead to possession proceedings. However, these figures show that it is not a foregone conclusion that bringing proceedings will automatically lead to repossession. “Lenders have to go through a defined process over a notable period of time before matters can be brought before the courts,” Cardwell explained.
Insights from Andrew Cardwell on the Current Landscape
Regarding tenancy statistics, he highlighted that sometimes when a lease has ended, and the landlord wants their property back, perhaps to sell or move back in, they might have no alternative but to seek possession through the courts if the tenant does not leave at the appropriate time. “Again, this is unpleasant but does have to happen in some cases,” he said. Cardwell also pointed out the impact of the lack of new social housing and the shrinking number of private landlords in the rental market. With fewer rental properties available, tenants asked to leave at the end of their lease may have nowhere else to go, forcing them to stay as long as possible while they search for alternative housing. Law Society president Nick Emmerson expressed concerns about the increasing risk of homelessness due to the cost-of-living crisis and high interest rates, which make it difficult for many to keep up with rent and mortgage payments. Legal aid remains a crucial resource, but it is often out of reach, with more law firms no longer offering advice. StepChange, a charity offering support for those in arrears with mortgage or rent, advises prioritising rent or mortgage payments. Policy manager Jonathan Chesterman emphasised the importance of early communication with lenders or landlords if payment difficulties arise, noting that mortgage lenders have a regulatory responsibility to treat borrowers fairly and offer support. A Treasury spokesperson acknowledged the challenge posed by high interest rates and inflation, urging those struggling with mortgages to contact their lender and consider the flexibilities in the Mortgage Charter to manage repayments and avoid repossessions.
