The number of properties being repossessed in England and Wales dropped by 9% between 2017 and 2018, research from WinMyDreamHome.com has found.
The figures suggest this trend is on course to continue with repossessions declining again in England and Wales overall.
Marc Gershon, director of property developer Misuma and organiser of WinMyDreamHome.com,, said: “We’re currently enjoying a very prolonged period of affordability where mortgage rates are concerned and this has no doubt helped homebuyers across the nation keep pace with the monthly payments required to hold onto their homes, resulting in a drop in repossession figures.
“However, while this doesn’t remove the initial financial barrier of a mortgage deposit, it has encouraged many homebuyers to borrow beyond their means and the danger of doing so is financial difficulty further down the line.
“As a result, there is still a consistent level of property repossessions taking place across all regions and while this may continue to decline in the short-term, a change in interest rates could see many more caught out.
“It doesn’t matter if you’re entering a competition to win a house at £10 a ticket or using the more traditional route of a mortgage, buying a home can be a gamble and it’s vital that you first sit down and look at the costs involved and how it could impact you in the future.
“Yes, homeownership is a natural aspiration, but obtaining it before you are able to maintain it, can leave you far worse off.”
The largest year-on-year decline between 2017 and 2018 was in the East of England where repossessions dropped by 24%, followed by the South East and Yorkshire and Humber at -13%.