Bridging the North-South gap: 20% reduction in repossession rift
- The North-South rift in repossession rates shrinks 19% between 2013 and 2014 as repossessions fall faster in the North
- Rapid decline in proportion of Northern towns with more repossessions than average – down from 68% in 2013 to 44% in 2014
- Helped by falling fuel and food prices – which have helped lower inflation – and rising wages
- North West has highest repossession rates of any region, with 4.6 repossessions/1,000 households, and every major town in North East has more repossessions than average
The North-South divide in home repossessions closed by a fifth from 2013 to 2014, according to detailed research released this morning by e.surv chartered surveyors.
e.surv’s analysis of court-ordered repossessions in England and Wales, broken down by postcode, reveals the North saw 4.1 repossessions per 1,000 households in 2014, while the South saw just 2.9. To compare with a year ago, the repossessions rates per 1,000 households for the North and South in 2013 were 5.4 and 3.9 respectively, meaning the gap has narrowed 19% year-on-year.
Across England and Wales, home repossessions as a whole have fallen. There were 39,938 repossession orders in England and Wales in 2014, 25% down from 53,325 in 2013. There are now 3.5 repossession orders per 1,000 households in England and Wales, down from 4.7 in 2013.
Although 44% of Northern towns had above average repossession rates in 2014, this is greatly improved compared to 2013, when 78% of Northern towns had repossession rates above the national average.
There are further signs of improvement. In 2014, only 6 out of the top 10 repossession postcodes were in the North, while in 2013 the North was home to 8 out of the top 10 repossession postcodes.