Monthly Repossession Volume
The above graphic shows the monthly repossession volume in England and Wales. Two pieces of information we can pull from this are:
- In the months October 2014 to January 2015, repossession volumes averaged 720 per month. This is a fall compared to the same period a year earlier, when volumes averaged 1,173 per month.
- Repossession volumes are exhibiting a downward trend.
Positive news for the UK economy, but can this downward trend last? We would love to hear your thoughts in the comment section below.
Repossessions As Percentage Of Sales In The Last 12 Months
From this data we can see that Greater London is the region with the greatest fall of repossessions, while the East of England comes in at second place. From the data provided we can see that actually all regions experienced a decrease in the number of repossession sales.
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|Region||January 2015 Home Repossessions||January 2014 Home Repossessions||Difference|
|Yorkshire & The Humber||87||154||-44%|
Year upon year of a downward trend has seen repossessions at their lowest rate since 2006. This is backed up by the data provided by the Government House Price Index, this is genuinely great news for the UK economy and property market.
For the time being the property market and low interest rates look set to continue the decline in repossessions. However, how many families are living month by month, from one pay cheque to the next?
More importantly, how would even a small rise in their mortgage rate affect them?
The true extent of repossession will perhaps only become clear then.