0 £0.00
This item was added to your basket
Credit Strategy homepage
LinkedIn
Twitter

Dear visitor,
You are viewing 1 of your 1 free articles


We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

Property repossessions drop two percent year-on-year

The number of property repossessions seen across England and Wales over the last 12 months has dropped two percent, according to Land Registry data.

Share on LinkedInShare on TwittereCard

There were 7,906 repossessions across England and Wales in the last 12 months, down from 8,065 the year before, according to the data sourced from the Land Registry by letting and estate agent Benham and Reeves.

 

The north west remains the biggest property repossession hotspot with 1,689 homes repossessed over the last 12 months, although this figure has fallen 10 percent when compared to the 12 months prior.

 

Yorkshire and the Humber has also seen a notable level of repossessions over the last year, at 1,134.

The north east is the only other region to see repossessions exceed the 1,000 mark, with 1,115. The south east (766) and west midlands (693) also saw some of the highest levels.

 

The East of England (188) and London (542) have seen some of the lowest levels of repossessions in the last year.

 

While the east of England is home to the lowest level of repossessions in the last 12 months, it has seen the largest increase when compared to the 12 months previous, up 10 percent.

 

The south east (nine percent), south west (eight percent), north east (eight percent) and east midlands (six percent) and London (0.4 percent) have also seen an increase.

 

Wales saw the biggest drop, down 15 percent.

 

Benham and Reeves director Marc von Grundherr said: “An overall decline in the number of property repossessions across England and Wales is a welcome trend and one that suggests a slight boost in affordability for the average homeowner.

 

“This is no doubt due to low interest rates that have resulted in the cost of borrowing remaining favourable for the nation’s buyers.

 

“Generally speaking, the larger numbers of repossessions are in regions where low incomes will cause some to fall behind, while areas such as London where the earning potential is greater are home to a lower number.”

Share on LinkedInShare on TwittereCard
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

GET THE LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

Upcoming events


Credit Summit


Credit Awards


FSE Week

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group