Over the past few weeks, Repossessedhousesforsale.com have been breaking down the most recent Gov.uk repossession figures. We’ve reviewed multiple regions so far but next up is West Midlands where we’ll deep dive into the data to see if there’s any repossession hotspots to look out for in 2023.
In 2022, West Midlands recorded 267 repossessed properties which equates to 9% of the UK total. There were 70 repossessions in Q4 which saw a 119% increase on the same period as last year with an additional 38 repossessed properties on record.
It’s no surprise that Birmingham tops the chart for most repossessed properties in 2022 with a total of 61. The city represents for 23% of all repossessions in West Midlands alone.
Other areas recording high numbers for the year are Sandwell (17), Stoke-on-Trent (17), Coventry (16) and Walsall (16).
When comparing the data to the previous year (Q4 2021), two areas recorded an increase of 2 or more repossessions which were Birmingham (+11) and Sandwell (4).
However, five areas recorded a decrease YOY including Coventry (-3), Telford and Wrekin (2), South Staffordshire (2), Dudley (1) and Redditch (1).
Looking back versus the previous quarter, four areas recorded an increase of 3 or more repossessions which were Birmingham (+18), Newcastle-under-Lyme (4), Sandwell (4) and Herefordshire (3).
In contrast, 13 areas saw a quarterly dip with Stoke-on-Trent recording the largest decline with 7 less repossessions versus Q3 2022.
Although we’ve seen a drop in numbers for a lot of areas in West Midlands, there are a couple of hotspots Repossessedhousesforsale.com have drawn out. Birmingham and Sandwell both recorded high numbers and increases against previous periods. Therefore these are our recommendations for investors when searching for repossessed houses for sale in 2023.
Birmingham recorded 61 repossessed properties in 2022, the highest in West Midlands and representing 23% of all repossessions in West Midlands.
The latest figures show Q4 alone having 22 repossessed properties, resulting in an YoY increase of 100% with 11 additional repossessions than Q4 2021.
73% of the repossessions recorded in Birmingham in 2022 came in Q2 (23) and Q4 (22).
Coventry recorded 16 repossessed properties in 2022, the 3rd highest in West Midlands and representing 6% of all repossessions in West Midlands.
The latest figures show Q3 alone having 7 repossessed properties, accounting for 31% of all repossessions recorded in the area for 2022.
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