Is your home in a repossession hotspot?
A new report shines a light on the areas that see the most home repossessions.
Figures obtained by e.surv chartered surveyors have revealed the rate of home repossessions was 44% higher in the North of the UK than the South in 2013.
Broken down by postcode over England and Wales, there were 5.6 repossessions per 1,000 households in the North compared to 3.9 per 1,000 households in the South. However, these figures have both fallen from 6.3 and 4.4 repossessions respectively in 2012.
Repossessions fall
A total of 33,900 repossessions occurred in 2012, a rate of 0.30%, according to the Council of Mortgage Lenders. This decreased in 2013 to 28,900, representing 0.26% of outstanding mortgages.
In 2011, there were 36,200 repossessions, while in 2010 there were 36,300 repossessions, so we have seen a steady decline from the high point of 2009.
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The areas where repossession is most likely
Eight in ten Northern towns (78%) saw repossessions above the average figure in 2013. The North West, North East and Wales saw rates of 6.0, 5.9 and 5.8 repossessions per 1,000 households.
The South West, on the other hand, which already had the lowest rate per year, also experienced the biggest improvement as repossessions fell by 15%.
|
Region |
Repossessions/1,000 households in 2013 |
Repossessions/1,000 households in 2012 |
% change |
|
North West |
6.0 |
6.8 |
-12% |
|
North East |
5.9 |
6.4 |
-8% |
|
Wales |
5.8 |
6.5 |
-11% |
|
Yorkshire & the Humber |
5.5 |
6.2 |
-11% |
|
West Midlands |
5.3 |
5.7 |
-8% |
|
London |
4.7 |
5.1 |
-8% |
|
England & Wales Average |
4.7 |
5.3 |
-11% |
|
East Midlands |
4.6 |
5.3 |
-13% |
|
East of England |
3.8 |
4.3 |
-11% |
|
South East |
3.6 |
4.0 |
-10% |
|
South West |
3.1 |
3.7 |
-15% |
Though every region has seen a fall in repossessions since 2012, the North is still significantly worse off than the South when it comes to the proportion of homes repossessed.
Richard Sexton, director of e.surv chartered surveyors, suggested that the region is still paying the price of public sector job cuts as a result of the recession. He added: "The whole country is now in recovery, but the North has the furthest to go to catch up, and is comparatively lagging behind.”
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Postcodes with the highest rates of repossession
|
Postcode area |
Repossessions/1,000 households in 2013 |
Total number of repossessions in 2013 |
|
Oldham |
8.6 |
747 |
|
Romford |
7.8 |
754 |
|
Bradford |
7.4 |
835 |
|
Wigan |
7.4 |
460 |
|
Blackpool |
7.0 |
477 |
|
Doncaster |
7.0 |
1114 |
|
Sunderland |
6.9 |
334 |
|
South-East London |
6.9 |
1088 |
|
Liverpool |
6.9 |
1143 |
|
Manchester |
6.8 |
1456 |
e.surv has also broken down the figures into repossession hotspots by postcode. Again, it tells the tale of the North-South divide; only two postcode areas (Romford and South-East London) are found in the south of the country.
Among North West towns, only Lancaster and Carlisle had rates of below the national average.
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The North-South divide
Though the North has more trouble with repossessions than the South (see the heat map below - the more red the area, the more repossessions), London has experienced the slowest decline in the rate of repossessions in the whole of the UK and still has very high rates of repossession per 1,000 homes in Romford (7.8) and in South-East London (6.9).
However, East Central London only had one home in 1,000 repossessed in 2012, and West London was down to 2.2.
Source for map and all tables: e.surv
What to do if you are threatened with repossession
If your home is under threat because you are struggling to keep up with mortgage repayments, read What to do if you're at risk of repossession for some good ideas of how to start dealing with the problem.
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More on mortgages:
Finding a mortgage set to get harder
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