In the first quarter of 2023, the challenging economic conditions, with the rise in cost of living, has led to a significant increase in home repossessions, with over 1,000 properties being taken back by lenders due to borrowers struggling to meet their mortgage obligations.
The UK repossession and property market has seen significant changes in recent years. 2021 saw strong growth as the economy began to recover from the COVID-19 pandemic where, in contrast, 2022 had its struggles.
