Barnet sees a rise in repossession claims, mirroring a wider trend across England and Wales. Debts are soaring.
Barnet saw 190 claims up to September. That is more than the 136 claims from last year. Across England and Wales, the claims reached 21,440, the highest it’s been since 2019; it was only 15,377 the year before.
More people now get help with their mortgage through the government’s “Support for Mortgage Interest” scheme, which helps people pay mortgage interest.
In London, 1,574 homes got help, an 11% increase from last year. Across England and Wales, 13,090 homes received the support, which is a 15% jump.
A charity called StepChange says debts are way up, with average client mortgage debt tripling in five years. It went from £2,977 in 2019 to £8,986 now in 2024.
StepChange said the rising repossession risk is alarming. The government encourages people to talk to their lenders to find support if needed, providing help for those struggling.