Property repossessions drop two percent year-on-year

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.”