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One in three repossessions recorded in the North
In the first three months of this year the North of England accounted for over a third of repossessions across the UK, according to new research.
According to aggregated data from the Charlbury Group's Arrears Management System, which lenders use to instruct suppliers in the arrears process, the highest region was the North of England with 36 per cent of repossessions.
The next highest region was Wales and West Midlands representing 15 per cent of UK repossessions.
Closely behind in third spot was East Midland and East Anglia, accounting for 12 per cent of all repossessed property during the first quarter of 2014.
Faring slightly better are Scotland and the South East which each represent 10 per cent of all repossessions.
The percentage of repossessions in London and Northern Ireland are 7 per cent and 6 per cent respectively. It is the South West that takes the smallest share with just 4 per cent of repossessions happening in that region.
Dave Ford, Director at The Charlbury Group, said: “This data will support what many have suspected in terms of the worst affected regions of the UK for arrears and repossessions.
“Lender forbearance, low interest rates and significant commitment to treating customers fairly from everyone in arrears process means that overall repossession numbers are below expectations but, based on this data, Northern England is taking more than its fair share.
“This type of independent and aggregated management information acts as a tool for lenders both as a part of their overall arrears strategy and also new lending decisions as they can adopt best practice on a region basis if relevant.”
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