Having more money in their pockets has given people on the brink of losing their home a better chance to “claw back their finances”, Richard Sexton, director of e.surv chartered surveyors says.
The latest e.surv research shows a 14 per cent drop in home repossessions across the country for the first half of 2014 and the North-South divide has also narrowed, by 16 per cent.
There have been more new jobs across England and Wales, and the Bank of England keeping its foot on the interest rate brake has improved the situation for everybody but especially for those in financial limbo.
Wage increases have exceeded the inflation rate for the first time in five years, allowing borrowers to take a breath and pay down debts easier.
Future mortgage holders have something to smile about as well, since the Mortgage Market Review is planning to take measures ensuring their ability to make repayments in time despite changing interest rates, according to Sexton.
There were fewer repossessed homes in all regions of the country, with the North West remaining the one with the highest repossession rates. Even though the North is starting to slowly catch up with the South, it would still be a long time till both parts of the country are on a par.
