In this article, we continue to review the latest Gov.uk repossessions figures which were released in early February, covering the period October-December 2022.
Using the data, we’ll analyse the areas within East England to see where there have been increases and decreases in the number of repossessed properties recorded last year.
Overall, there were 176 repossessed properties recorded in East England for 2022 which makes up 6% of all those in the UK.
49 of these properties were in Q4 alone which sees a 444% increase versus the same period last year. When comparing it to the previous quarter, the number of repossessed properties has increased by 4%.
The areas within East England with the most repossessed properties recorded were Peterborough (16), Luton (13), Colchester (9) and Breckland (7). These four areas make up for 25% of all repossessed properties in East England alone.
When comparing the figures versus the same period as last year, five areas recorded an increase of 3 or more repossessed properties. These were Peterborough (+5), Luton (3), Broxbourne (3), Maldon (3) and Tendring (3).
In contrast, only four areas in East England recorded a decrease in repossessed properties versus Q4 2021 which were Bedford (-2), Colchester (1), Great Yarmouth (1) and Hertsmere (1).
Looking at the data compared to the previous quarter, two areas in East England recorded an increase of 3 repossessed properties which were Maldon and Tendring.
As mentioned previously, it’s near impossible to forecast the repossessed property market for this year but, from reviewing the latest data, there are two areas which we would consider to be Repossession Hotspots in East England for 2023. Peterborough and Luton are the areas which Repossessedhousesforsale.com would advise investors keep their eye on when searching for repossessed houses for sale this year.
Peterborough recorded 16 repossessed properties in 2022, the most in East England and representing 9% of all repossessions in the region.
The latest figures show Q4 alone having 5 repossessed properties which has seen an increase from the zero recorded in the previous year.
69% of all repossessions recorded in Peterborough for 2022 came in H2 with a total of 11.
Luton recorded 13 repossessed properties in 2022, the 2nd most in East England and representing 7% of all repossessions in the region.
The latest figures show Q4 alone having 4 repossessed properties, resulting in an YoY increase of 300%.
Compared to the previous quarter, Luton produced double the number of repossessions.
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