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Repossession levels fall across UK

Repossession levels fall across UK

Category: Mortgages

Updated: 30/05/2013
First Published: 30/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Figures released by the Land Registry today have revealed a 28% annual decline in the number of homes repossessed during February this year.

A total of 1,293 properties were claimed back by mortgage lenders, compared with 1,788 in February 2012, with fewer cases reported across all regions in the UK.

The vast majority of repossessions occurred in the North West of England, where 321 homes were claimed back, whilst in stark contrast, the North East recorded just 45 instances.

The West Midlands experienced the largest annual fall in repossessions during February, with 42% fewer cases reported compared with last year.

Overall, repossession volumes appear to be declining steadily, with an average of 1,400 cases between November 2012 and February 2013, suggesting that low mortgage interest rates, Government policies and signs of growth in the housing market may be assisting homeowners with keeping up repayments on their homes.

The report stated: "All regions saw repossessions decrease between February 2012 and February 2013. Overall, repossession volumes appear to be exhibiting a slight downward trend."

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