Terraced homes most at threat

Financial outsourcing firm HML expects to see 1,054 terraced houses repossessed, accounting for 43 per cent of the total regional figure, which includes 671 semi-detached houses, 404 flats and 338 detached houses.

Overall, HML predicts 33,258 properties will be repossessed this year. Terraces are set to account for four out of ten repossessions across the UK.

Neil Warman, HML’s chief commercial and finance officer, said: “Our forecast shows terraces and flats across the UK are generally more at risk of repossession than detached and semi-detached homes.

“This trend isn’t new; terraces and flats tend to be the property of choice for first-time buyers and lenders understand granting mortgages to people who haven’t had one before is riskier than lending to someone with an established track record.”

HML, which analyses the number of people on the mortgage, levels of other debt, credit facilities and payment history, said it expects the figure to rise next year with forecasts of between 35,000 and 40,000 repossessions.