Earlier last month, Gov.uk released their latest repossession figures which covered October-December 2022 which has allowed us to analyse last years’ data as a whole, such as in our blog post here.
Repossessedhousesforsale.com has provided commentary on figures for the UK as a whole whilst also deep diving into the key cities. In this article, we’ll look closer into the largest city, London to find hotspots within and to predict where is best for investors to locate repossessed properties for sale in 2023.
Using the latest data available, we can see that there were 298 mortgage repossessions across London in 2022 with 95 of those repossessions coming in Q4 (Oct-Dec) alone. When comparing the data to the same time last year, total London repossessions has risen by 150% which equates to 57 properties. Compared to the other UK regions, only the South East of England reported a larger increase of 328%.
Looking back vs the previous quarter, London reported a 6% increase in repossessed properties with 5 more that the previous 3 months.
There were 6 London boroughs recorded an increase of 4 or more repossessed properties when comparing it to the same time last year. Croydon (+8), Tower Hamlets (7), Hillingdon (4), Hounslow (4), Barnet (4) and Lambeth (4) all saw the larger increases.
From these 6 boroughs, Croydon (+3), Tower Hamlets (3) and Hounslow (3) also saw an increase in repossessed properties when comparing to the previous quarter.
Aside from Tower Hamlets, 8 London boroughs recorded repossessions in Q4 2022 where they did not in the previous year with the largest increases coming from Barnet (4) and Lambeth (4).
With it being hard to forecast 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. Naturally, London should also record an increase in repossessed properties but where are the Repossession Hotspots in London for 2023?
Due to increases in repossessed properties both YOY and vs the previous quarter, we can see that Croydon, Tower Hamlets and Hounslow are the London boroughs which investors should be keeping a close eye on for 2023.
Croydon recorded 24 repossessed properties in 2022, the highest number for a borough in London, accounting for 8% of all repossessions in the capital.
The latest figures show Q4 alone having 10 repossessed properties which has seen a YoY increase of 400%, up by 8 repossessions recorded.
42% of all 2022 repossessions recorded in Croydon fell in Q4 alone, up by 43% when compared to the previous quarter.
Enfield recorded 13 repossessed properties in 2022, the 4th highest number for a borough in London, accounting for 4% of all repossessions in the capital.
The latest figures show Q4 alone having 5 repossessed properties which has seen a YoY increase of 150%, up by 3 repossessions recorded.
38% of all 2022 repossessions recorded in Enfield fell in Q4 alone, up by 150% when compared to the previous quarter.
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