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The survey reveals little change in the number of homes repossessed across the property markets in England and Wales since interest rates began rising.
An analysis of government data by the Homebuyers Administration found that approximately 3,219 homes were remanded between December 2021 and December 2022. That’s just a 0.4% increase from his November 2020 to November 2021 period before the Bank of England’s first rate hike.
In the East of England, only 59 homes have been repossessed since December 2021, a 46% decrease from the same period earlier. Property foreclosures fell 18% across the London market, with declines also seen in the South East (-12%), South West (-3.9%), North East (-1.1%) and North West (-0.7%). was given. .
But while the number of foreclosed homes may have fallen in the Northwest, the region remains a hotspot for foreclosures in the country, accounting for 21% of all foreclosed homes since interest rates began rising. Ranked.
Yorkshire and Humber rank second in this regard, accounting for 16% of all foreclosures, with the North East coming in third (15%) in the table.
In addition, Yorkshire and Humber also recorded the largest annual increases. Since December 2021, 501 homes have been returned across the region, a 30% year-on-year increase.
Wales (+14%), East Midlands (+8%) and West Midlands (+6%) also increased.