North-South repossession divide narrows
Up North there were 4.1 repossessions per 1,000 households in 2014 compared to 5.4 in 2013, while down South there were 2.9 repossessions in 2014 compared to 3.9 in 2013.
Richard Sexton, director of e.surv, said: “The North-South repossession gap is clearly closing as the financial performance of the South East spreads across the country. Northern towns are less prominent as repossessions hotspots.
“Brits are feeling the benefits of falling fuel and food prices, which have filtered through into low inflation, and even deflation in the first part of 2015. All the while, wages are increasing, meaning there is more money to go around.
“This has given financially fragile homeowners the chance to bolster their credit and retreat from the repossession threat. The economic environment has helped greater numbers in the North, as there were more borrowers on the edge in this area.
He added: “The government’s plans to devolve power to the regions could help eradicate the remaining rift – with more opportunity for long-term local investment.
“This will allow for targeted spending to create jobs in areas that need them the most – which may dramatically relieve repossessions.”
Across England and Wales there were 39,938 repossession orders in 2014, 25% less than the 53,325 recorded in 2013.
In 2014 there were 3.5 repossession orders per 1,000 households in England and Wales, down from 4.7 in 2013.