The following is an extract from a written ministerial statement on ‘Unpublished Research Reports: Immigration, the Economy and Regeneration’ given by the Minister for Housing and Local Government, the right hon. Member for Welwyn Hatfield (Grant Shapps) on 1 March 2011.
(ix) Modelling and forecasting county court claims and orders for mortgage repossessions.
This report by Professor John Muellbauer and Janine Aron was commissioned jointly by the former National Housing and Planning Advice Unit and the UK Spatial Economic Centre. The study explores the determinants of mortgage possession court orders as well as forecasting court orders on a regional basis for England and Wales from 2011 to 2015. It observed that the recent house price and credit boom of 2006-08 had increased the proportion of households with overstretched budgets and over-extended debt relative to their assets. The most important determinant of court claims and orders was found to be the debt to income ratio. This report was commissioned in 2009 at a cost of £30,366.
[Official Report, 1 March 2011, Vol. 524, c. 19-21WS.]
Letter of correction from Mr Grant Shapps:
An error has been identified in the written ministerial statement given on 1 March 2011. The penultimate sentence in the text in the section on the research project on mortgage repossessions should have referred to the debt service ratio, as the most important determinant of court claims, and not the debt to income ratio.
The correct text should have read:
(ix) Modelling and forecasting county court claims and orders for mortgage repossessions.
This report by Professor John Muellbauer and Janine Aron was commissioned jointly by the former National Housing and Planning Advice Unit and the UK Spatial Economic Centre. The study explores the determinants of mortgage possession court orders as well as forecasting court orders on a regional basis for England and Wales from 2011 to 2015. It observed that the recent house price and credit boom of 2006-08 had increased the proportion of households with overstretched budgets and over-extended debt relative to their assets. The most important determinant of court claims and orders was found to be the debt service ratio. This report was commissioned in 2009 at a cost of £30,366.