In our next review of the latest Gov.uk repossession figures, we’re going to take a deep dive into the data for South West England. We’ll compare to previous periods in order to make recommendations on where the repossession hotspots are for South West in 2023.
Overall, South West recorded 169 repossessed properties in 2022 which makes up 6% of the UK total number. In Q4 (Oct-Dec), there were 40 repossessed properties recorded which saw a 90% increase versus the same period as last year.
However, when looking at this versus the previous quarter, South West saw a decrease of 18% for repossessed properties.
Four areas in South West England recorded 10 or more repossessed properties in 2022 which were Cornwall (19), Bournemouth, Christchurch and Poole (15), Wiltshire (13) and Bristol (11). These numbers alone make up for 34% of all repossessed properties in the region.
When comparing Q4 figures to the same period as last year, only two areas recorded an increase of over 2 repossessed properties which were Cornwall (3) and Plymouth (3).
In contrast, four areas recorded a decrease in numbers versus Q4 2021 including Somerset (-2), Gloucester (1), Swindon (1) and Tewkesbury (1).
Looking back versus the previous quarter, three areas showed an increase of more than 1 repossessed property recorded. These were Torbay (2), Mendip (2) and Exeter (2).
However, there were a lot of areas which saw a decrease in numbers versus Q3 2022 with 11 areas all showing reductions.
Although many areas recorded a decrease in repossessed properties when comparing against the previous quarter, there are a couple of areas in South West England which Repossessedhousesforsale.com have chosen as repossession hotspots in 2023. Bristol, Bournemouth, Christchurch and Poole all showed positive figures in the latest data.
Cornwall recorded 19 repossessed properties in 2022, the highest in South West England and representing 11% of all repossessions in South West.
Q2 alone saw 6 repossessions recorded in Cornwall, accounting for 19% of the yearly total.
The latest figures show Q4 having 3 repossessed properties, resulting in an YoY increase of 3 compared to the 0 repossessions recorded in Q4 2021.
Bristol recorded 11 repossessed properties in 2022, the 4th highest in South West England and representing 7% of all repossessions in South West.
The latest figures show Q4 alone having 6 repossessed properties, resulting in an YoY increase of 50% with 2 additional repossessions than Q4 2021.
All of Bristol’s repossessions in 2022 came in Q3 (5) and Q4 (6) with none recorded in H1.
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