Rate of homes repossessions falling fast in Shropshire
The rate at which homes are repossessed has fallen faster in Shropshire than almost any other area of the country, new figures have revealed.
Repossessions in the SY postcode dropped by 26 per cent during 2014, meaning 1.17 homes out of every 1,000 were reclaimed during the first half of last year – down from 1.59 in the same period in 2013.
That puts the area in 10th place for the speed at which repossessions declined, with West-Central London the best performing with a 50 per cent decline.
In the TF postcode, there was a fall of 12 per cent over the same period, meaning 2.24 homes in every 1,000 were repossessed in the Telford area.
The LD postcode, covering the area of Mid Wales to the south west of Shropshire, saw 1.5 homes per 1,000 repossessed, making it the only region of Wales to fall below the England and Wales average – although a substantial part of the SY code falls in Wales too.
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The analysis from e.serv chartered surveyors found that across England and Wales, the number of repossessions fell by 14 per cent to 2.05 per 1,000 homes – but despite a narrowing of the gap between north and south, the north of England still suffers far more than the south.
Richard Sexton, director of e.surv, said: "People all across England and Wales have a firmer grasp of their finances compared to a year ago and the Bank of England continues to hold interest rates low, which has been a real boon to those who are already on the housing ladder – allowing them the chance to pay down debts whilst accessing cheaper mortgage repayments.
"At the same time, wage growth has outpaced inflation for the first time in five years, meaning the cost of living squeeze has started to ease."
He added: "This really boils down to people having more money in their pockets than a year ago. Savers may have suffered while the base rate has stayed low, but for those on the edge of the repossessions cliff, it has allowed them the respite needed to claw back their finances and move back into financial security.
Oldham's was the postcode with the highest rate of repossessions at 3.66 per 1,000.
