Over the past few weeks, we have been analysing the latest Gov.uk repossession figures which covers October-December 2022. From reviewing the UK as a whole, to taking a deep dive into the subsequent regions, we’ve looked at the figures to help investors find hotpots when searching for a repossessed property in 2023.
Our penultimate review sees us looking at the final region in England, the North East.
For 2022, the region saw 315 repossessed properties recorded which made up 11% of the UK’s total. Q4 alone saw 81 repossessions which was a 153% increase from the same period in 2021.
County Durham recorded the highest number of repossessions in 2022 with 73, equating to 23% of all of the North East. Other areas with a high number of repossessions were Sunderland (38), Newcastle upon Tyne (33) and Northumberland (27).
When comparing Q4 figures versus the same time as the previous year, four areas recorded an increase of 6 or more repossessions. These were County Durham (+12), Newcastle upon Tyne (8), Sunderland (6) and North Tyneside (6).
Only one area saw a YOY decrease which was Hartlepool which recorded 1 less repossession than Q4 2021.
In terms of comparing the latest figures to the previous quarter, five areas saw an increase in repossessions. These were Middlesbrough (+4), Sunderland (3), County Durham (2), Darlington (2) and North Tyneside (1).
The North East saw multiple areas which recorded an increase in repossessions across 2022. We’ve analysed the figures to make a few recommendations for investors when searching for repossessed properties in the region for 2023. Our hotspots are County Durham, Sunderland and North Tyneside.
Newcastle recorded 33 repossessed properties in 2022, the 3rd highest in North East England and representing 10% of all repossessions in North East.
The latest figures show Q4 alone having 10 repossessed properties, resulting in an YoY increase of 400% with 8 additional repossessions than Q4 2021.
82% of Newcastle’s repossessions in 2022 came in Q3 (17) and Q4 (10) with only 6 recorded in H1.
Sunderland recorded 38 repossessed properties in 2022, the 2nd highest in North East England and representing 12% of all repossessions in North East.
The latest figures show Q4 alone having 7 repossessed properties, resulting in an YoY increase of 600% with 6 additional repossessions than Q4 2021.
71% of Sunderland’s repossessions in 2022 came in Q1 (14) and Q2 (13) with only 11 recorded in H2.
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