North-South repossessions gap halves in 2015
- North-South divide in home repossessions narrows by 46% as total repossession numbers decline
- South sees similar fall in repossession rate to 1.4, shrinking from 2.8 per 1,000 the previous year
- London leads regional improvements, as repossessions fall 54% annually between 2014 and 2015
The gap between home repossessions in the North and South has almost halved in the last year, according to detailed research released this morning by chartered surveyor, e.surv.
In 2015, repossessions in the North fell to a rate of 2.1 per 1,000 households, compared with 1.4 per 1,000 in the South, according to e.surv’s analysis of court-ordered repossessions in England and Wales, broken down by postcode. This leaves a gap of 0.7 between the two regions for 2015.
A year earlier, the difference stood at 1.3 homes per 1,000, as the North saw a repossession rate of 4.1 per 1,000 households in 2014, while the South saw a rate of 2.8 during the same period. This means the divide has nearly halved (-46%) across a year.
Richard Sexton, director of e.surv Chartered Surveyors, explains: “Repossession levels are retreating – and the narrowing North-South gap is the strongest sign of this decline. Fuelling these improvements has been the triple combination of rising employment, low inflation, and a consistently low base rate. More people than ever are managing to hang onto their homes and keep up with repayment schedules. Alongside this, many homeowners are re-mortgaging to take advantage of the flurry of new deals on offer from lenders. These factors have significantly helped those struggling across England & Wales to get their finances back on track.