Following on from our recent deep-dives into the latest Gov.uk repossession figures, we are now looking at individual UK regions.
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 South East England in order to find hotspots within and to predict where is best for investors to locate repossessed properties for sale in 2023.
There were 733 mortgage repossessions in Q4 2022 which sees a 134% increase YOY vs Q4 2021. It is important to note that the UK was still suffering from a post-COVID recovery period last year.
Overall, the UK saw 2,850 mortgage repossessions for 2022.
Looking at the figures on a regional level compared to the previous year (Q4 2021) the South East saw the largest increase of a staggering 328% (95 additional repossessed properties).
In terms of total repossessed properties recorded in 2022, four South East regions had more than 15 repossessions. These were Buckinghamshire (20), Milton Keynes (17), Portsmouth (15) and Southampton (15).
When comparing against the data for the same time as last year (Q4 2021), five South East regions recorded an increase of more 4 or more repossessed properties which were Milton Keynes (+6), Portsmouth (4), Medway (4), Hastings (4) and Maidstone (4).
Looking back vs the previous quarter (Jul-Sept 2022), four South East regions recorded an increase of 3 or more repossessed properties than before. Areas such as Portsmouth (+5), Buckinghamshire (4), Hastings (3) & Reigate and Banstead (3) all recorded more repossessed properties than previously shown.
In contrast, only five areas in the South East recorded a decrease when compared to the same time as last year. South Oxfordshire, Tandridge, Eastbourne, Rother & Brighton and Hove all recorded 1 less repossessed property vs Q4 2021.
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 but where are the Repossession Hotspots in South East England for 2023?
Due to an increase in repossessed properties available, both compared to last year and the previous quarter; Buckinghamshire, Milton Keynes, Portsmouth, Medway and Hastings are all areas in the South East which property investors should keep a close eye on in 2023.
Buckinghamshire recorded 16 repossessed properties in 2022, the 2nd highest in South East England.
Q4 alone saw 6 repossessions recorded, up 50% YoY with an additional 2 properties.
Compared to the previous quarter, Buckinghamshire saw a 200% increase in repossessions with an additional 4 properties recorded.
Southampton recorded 15 repossessed properties in 2022, the 3rd highest in South East England.
Q2 alone saw 7 repossessions recorded, accounting for 47% 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.
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