The latest repossessions figures from Gov.uk have just been released which covers October-December 2022 which allows us to analyse the year as a whole. In the below, we’ll review the latest data and will compare it to previous quarters whist breaking down the regional differences.
There were 733 mortgage repossessions in Q4 2022 which sees a 134% increase YOY vs Q4 2021. It is important to note that the UK was still suffering from a post-COVID recovery period last year.
The number of mortgage repossessions has decreased by 3% compared to the previous quarter but still remains steady.
Overall, the UK saw 2,850 mortgage repossessions for 2022.
Looking at the figures on a regional level compared to the previous year (Q4 2021) the South East saw the largest increase of a staggering 328% with London (+159%), Wales (+150%), South West (+133%) and North West (+113%) also boasting large relative increases.
When looking at the data vs Q3 2022, only three regions showed an increase in mortgage repossessions in South East (+31%), Wales (+4%) and London (+3%). The others all showed reductions with the North West having the largest relative decrease at -20%.
If we look at the number of repossessions by local county courts, we can look at the key differences in key cities. We’ve already seen that London has increased both YOY and vs the previous quarter with 96 mortgage repossessions between October-December 2022.
However, if we break down other key cities, we see that three have at lease doubled in the number of repossessions when comparing to last year. These are Newcastle-upon-Tyne (+360%), Manchester (+118%) and Bristol (+100%).
Only one of the selected key cities in the chart below saw a decrease YOY which was Leeds (-14%).
Compared to the previous quarter in 2022, two of the above key cities showed an increase in mortgage repossessions in Birmingham (+283%) and Bristol (+33%). In contrast, Leeds (-50%) and Manchester (-43%) reported the largest decreases.
Although it’s impossible to predict what will happen this year, we are predicting that the number of repossessed properties in the UK will continue to steadily increase throughout 2023. A significant increase in numbers compared to the previous year, paired with the economic state of the UK being the key drivers.
Repossessedhousesforsale.com updates its properties everyday which gives you the latest market and property data. These properties can see up to 30% Below Market Value as repossessions can offer some of the best discounts on the market.
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