Hi Delboy
Let's see if there is a potential tsunami.
So there were 28, 237 accounts in arrears over 2 years.
That means about 22,600 family homes. (Each home has on average 1.2 accounts.)
The lenders only solution for 56% is court action, so that would be about 13,000.
That would be a lot, but hardly a tsunami.
And given that the number of legal proceedings initiated has been falling, I don't think we will see a tsunami any time soon.
In practice, most of these begin to engage when legal proceedings are issued.
My best guess is that about 25% of them might lead to an order for possession, so about 3,000.
Brendan