Repossessions plunge across the country

 
Chris Papadopoullos
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HOME repossessions have dropped by 14 per cent in England and Wales, new figures show.

However, there’s a north-south divide, according to numbers released today by chartered surveyors E.surv.

There were 2.05 repossessions per 1,000 households in the first six months of 2014, down from 2.39 per 1,000 households in the first six months of 2013. Meanwhile, there were 2.5 repossessions per 1,000 households in the north in the first half of 2014 compared to 1.7 repos­sessions per 1,000 households in the south. The gap has closed by 16 per cent since the first half of 2013.

In London, the number of repossessions has decreased by 12 per cent and stands at 2.05 per 1,000 households for the first six months of 2014.

“The repossession rift between north and south is beginning to knit itself back together, helped by a jobs boom across the country,” said Richard Sexton, director of E.surv.

“The Bank of England continues to hold interest rates low, which has been a real boon to those who are already on the housing ladder – allowing them the chance to pay down debts.”