The latest repossession statistics from the Land Registry hold good news for most Britons, but not for those in London and Wales. Nationwide throughout England and Wales in January 2013, 1,317 repossession applications were made, down from 1,602 a year earlier. Within this 18% drop, several regions saw extremely improved performance;Read More
However, repossession orders in Wales entered three figures at 110, a 24% annual increase, while London’s 171 repossessions represented the largest regional increase of 28%.
Despite the positive year-on-year figures in many regions, the short-term picture is still volatile.
In December 2012, only London saw an increase in repossessions – and that was of just 3% – but between December and January the downward trend reversed.
From 1,193 repossessions throughout England and Wales in December, the figure actually rose by 10% to 1,317 in January.
Within the East Midlands, repossessions grew from 102 in December to 119 in January, an increase of a sixth.
And in the still-troubled regions of Wales and London, the rise in repossessions is even more marked over the short term.
Wales’s total rose from 80 to 110 between December 2012 and January 2013, a 37.5% month-on-month growth rate.
In London, meanwhile, growth from 157 to 171 repossessions represented a rise of around 9%.
With clear short-term volatility still gripping the nation’s mortgagees, we will be watching future Land Registry reports with interest to determine when the long-term improvement trend becomes truly reliable.