Home repossessions have dropped by 55 per cent year-on-year across England & Wales, new figures released today show, thanks to the ongoing economic recovery.
The gap between home repossessions in the north and south has also narrowed by 80 per cent since the recession to 1.1 per 1,000 households in the north compared 0.7 per cent in the south, according to research from chartered surveyors e.surv.
In 2008 repossession rates stood at 8.2 for every 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 per cent across this seven year period, e.surv said.
Total repossessions fell to 10,401 in the first half of the year, which was less than half the 23,279 homes taken back by lenders last year, taking the average rate to 0.9.
Richard Sexton, director of e.surv chartered surveyors, explains:“Over the last year, the North-South gap has been narrowing at an accelerated pace. Fewer people are battling unemployment and against this optimistic backdrop, finances are being bolstered across England and Wales by delayed interest rate increases.”
“A healthier lending market is enabling people to search for cheaper mortgage options and regulatory changes, such as the Mortgage Market Review (MMR), are making a real difference in protecting borrowers from committing to potentially unaffordable mortgages in the first place.”