Research has revealed that the number of homes being repossessed across the property market in England and Wales remained largely static since interest rates started to climb. 

House Buyer Bureau analysed government data which shows that some 3,219 homes were repossessed between December 2021 and December 2022, a marginal 0.4% increase when compared to November 2020 to November 2021, prior to the first Bank of England interest rate hike.

In the East of England, just 59 homes have been repossessed since December 2021, a drop of 46% versus the same time period prior. Across the London market property repossessions have fallen by 18%, while the South East (-12%), South West (-3.9%), North East (-1.1%) and North West (-0.7%) have also seen a reduction. 

However, while the North West may have seen a drop in the number of homes being repossessed, the region still ranks as the nation’s property repossession hotspot, accounting for 21% of all homes repossessed since interest rates started to climb. 

Yorkshire and the Humber ranks second in this respect, accounting for 16% of all property repossessions, with the North East sitting third in the table (15%).

What’s more, Yorkshire and the Humber has also seen the largest annual increase. 501 homes have been repossessed across the region since December 2021, a 30% increase on the previous year.

Wales (+14%), the East Midlands (+8%) and West Midlands (+6%) have also seen an increase.