Repossessions North-South gap closes 80% since the recession
- Total home repossessions fall 45% year-on-year across England & Wales, as economy recovers
- H1 2015 sees the average rate fall to 0.9 repossessions per 1,000 households, from 2.4 in H1 2014
- Towns struggling with high unemployment are amongst the worst remaining repossession postcodes
- Bolton sees the highest rate of repossessions in England & Wales (2.0 per thousand households) – while wider North West is the worst region for repossessions (1.2)
- East of England sees largest improvement, with a 59% fall in repossession rates since H1 2014, with London close behind
The gap between home repossessions in the North and South has closed by 80% since the recession, according to detailed research released this morning by e.surv chartered surveyors.
On average, there were 1.1 repossessions per 1,000 households in the North in the first half of 2015 (H1 2015) compared to 0.7 in the South, according to e.surv’s analysis of court-ordered repossessions in England & Wales, broken down by post code – a difference of 0.4.1
By comparison, in 2008 repossession rates stood at 8.2 per 1,000 households in the North and 5.9 in the South, a difference of 2.3. This means the divide has closed by 80% across this seven year period.
On a yearly basis (since H1 2014) the North-South divide has narrowed 43%. In H1 2014 there were 2.4 repossessions per 1,000 households in the North, in contrast to 1.7 in the South, with a difference of 0.7 – meaning the gap closed at a faster pace over the last year than in previous years.