Fitch Ratings has revealed that repossessions in London have increased to their highest levels in 10 years.
The nation’s capital is leading repossession growth, followed by southern and eastern regions.
Already-published research from the Department of Constitutional Affairs, the Council of Mortgage Lenders and Fitch was analysed and reveals that London was first to see repossession rates start to rise from the historically low levels experienced between 1995 and 2002.
London’s repossession rate is now roughly double those of regions in the North, though still far from the levels experienced during the last recession in the early 1990s.
Head of Fitch’s UK RMBS team Gregg Kohansky says: “Many districts in London are seeing repossessions rise much faster than in other regions. With London seeing revived house prices, further affordability stretches are likely to support continued elevated repossession levels in London.”