Mortgages are currently needed for 7 out of every 10 home purchases. Those seeking a mortgage are required to have more income now due to the rising mortgage rates.
Due to this, buyers are becoming more and more selective with the areas they choose to invest in.
In the more affordable markets, predicted price falls for 2023 are likely to be lower.
As a result, major towns and cities, including Bradford, Swindon, Coventry, Crewe, Milton Keynes and Southend are all registering above-average demand.
Zoopla believe employment growth will continue to stimulate housing demand in these affordable city regions throughout 2023.
Now we know which affordable UK cities buyers are interested in, we will take a look at the latest repossession figures in each area to see where investors should keep an eye on in 2023.
Bradford recorded the highest number of mortgage repossessions in 2022 with a total of 63. Other areas with above 10 repossessions recorded last year were Milton Keynes (17), Coventry (16) and Crewe (13).
Three areas saw an increase when looking back at the same period as last year which were Bradford (+7), Milton Keynes (6) and Crewe (2).
When comparing the data against the previous quarter (Q3 2022), only Bradford recorded an increase in repossessions with an additional 2 properties recorded.
In contrast, Coventry and Swindon has seen a decrease in repossessions when comparing against the previous year as well as the previous quarter.
In summary, due to the continual increase in repossessions recorded, we would recommend investors keep a close eye on Bradford when searching for repossessed properties for sale in 2023.
[repo_properties_location location=”bradford””milton keynes””coventry””crewe””southend”]
