In the first-half of 2015 there were 1.1 repossessions per 1,000 households in the North compared to 0.7 in the South. In the same period in 2008 there were 8.2 repossessions up North compared to 5.9 down South, meaning the gap has narrowed from 2.3 to 0.4.
Richard Sexton, director of e.surv chartered surveyors, said: “Over the last year, the North-South gap has been narrowing at an accelerated pace.
“Fewer people are battling unemployment and against this optimistic backdrop, finances are being bolstered across England and Wales by delayed interest rate increases.
“Rising wages and negative inflation are making living costs more affordable, giving people room to save.
“But these economic changes are also having a real impact on those feeling the strain and potentially facing repossession.
“A healthier lending market is enabling people to search for cheaper mortgage options and regulatory changes, such as MMR, are making a real difference in protecting borrowers from committing to potentially unaffordable mortgages in the first place.”
