As we continue to review the latest Gov.uk repossession figures which now covers Oct-Dec 2022, the latest UK region we will analyse is North West England. We will take a deep dive into the areas within the region to find trends and hotspots for those looking to invest in repossessed properties in 2023.
The North West as a whole recorded 485 repossessed properties in 2022 which equates to 17% of all repossessions in the UK. When looking at the Q4 (Oct-Dec 2022) figures vs the same period in the previous year, North West showed an increase of 123% – equating to 59 additional repossessed properties.
Those areas which showed the highest increase in repossessed properties when compared to the same period as the previous year (Q4 2021) were Pendle (+4), St Helens (5), Bolton (4), Wirral (4) and Rochdale (4).
In terms of comparing data versus the previous quarter, only three areas in the North West recorded an increase of three or more repossessed properties. These include Halton (+5), Pendle (4) and Wirral (4).
In contrast, three areas in the North West recorded a decrease of four or more repossessed properties when comparing the data to the previous quarter. These were Liverpool (-8), Bolton (5) and Oldham (4).
As with any property forecast for 2023, it is extremely difficult to predict what will happen this year. However, from reviewing the latest figures above Repossessedhousesforsale.com has selected a few areas in North West England which investors should keep a close eye on when looking for repossessed properties for sale in 2023.
There were three areas in the region which recorded an increase in repossessed properties both compared to the previous quarter and the same period as last year. Therefore, our repossession hotspots in North west for 2023 are Pendle, Wirral and Halton.
Liverpool recorded 46 repossessed properties in 2022, the highest in North West England and accounting for 9% of all repossessions in the region.
The latest figures show that 10 repossessions were recorded in Q4 2022, up 43% YoY with an additional 3 properties.
Q3 was the period with the highest number of repossessions recorded in Liverpool for 2022 with 18 properties, accounting for 39% of the yearly total.
Manchester recorded 26 repossessed properties in 2022, the 3rd highest in North West England and accounting for 5% of all repossessions in the region.
The latest figures show that 5 repossessions were recorded in Q4 2022, up 67% YoY with an additional 2 properties.
Q1 was the period with the highest number of repossessions recorded in Manchester for 2022 with 10 properties, accounting for 38% of the yearly total.
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