According to the latest research by e.surv Chartered Surveyors, the North-South repossessions gap has closed by 80% since the recession.
The report states that the average rate of repossessions fell by 0.9 per 1,000 households compared to the first half of 2014 (H1) where there were 2.4 per 1,000.
On a yearly basis the North-South divide has narrowed by 43%. However towns still struggling with high unemployment are experiencing the worst repossession levels. Bolton is one of these towns with the highest rate of repossessions, 2.0 per thousand households have their homes repossessed. Whilst in the North West there are just 1.2 repossessions.
The East of England has seen the greatest improvement with a 59% fall in the repossession rate since the first half of 2014, London is close behind this figure.
Richard Sexton, director of e.surv chartered surveyors, stated: “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. Rising wages and negative inflation are making living costs more affordable, giving people room to save. But these economic changes are also having a real impact on those feeling the strain and potentially facing repossession. A healthier lending market is enabling people to search for cheaper mortgage options and regulatory changes, such as MMR, are making a real difference in protecting borrowers from committing to potentially unaffordable mortgages in the first place.”