Business
Home repossessions on the decline despite rising mortgage costs
THE LASTEST market analysis from property purchasing specialist, House Buyer Bureau, reveals that since the Bank of England started raising interest rates at the end of 2021, the number of homes being repossessed by money lenders has significantly decreased, bucking the expected trend that more and more people would lose their homes as mortgage payments go up.
In December 2021, the Bank of England started increasing interest rates to try and bring stability to the nation’s economy in the wake of the pandemic, a trend that has continued into 2022 as energy prices and war in Ukraine continue to cause economic turbulence.
As a result of these increases, the number of monthly mortgage approvals in the UK since December 2021 has fallen by -19.2% as borrowing becomes more expensive and prospective homebuyers decide to postpone their ambitions until a more stable time.
But despite this, the impact on the housing market has not been entirely negative because, as Home Buyer Bureau’s research reveals, the rate increase has not yet resulted in a rise in the number of people having their homes repossessed. Instead, there has actually been a significant drop.
In the eight months preceding December 2021, there were 1,739 repossessions across England and Wales.
The latest available data shows that in the months following the rates increase, this number has fallen by -26.1% to a total 1,285 repossessions.
The biggest fall in repossessions has been reported in the East of England where a pre-rates increase total of 70 repossessions has dropped to just 19. This is a -72.9% decrease.
In the South West, 114 repossessions in the eight months before the rates increase has fallen to just 73 in the months since; a drop of -36%. And in the North West, a total of 403 repossessions has dropped by -32.5% to just 272.
The fall in repossessions has also been significant in the North East (-30.8%), South East (-28.2%), London (-25.7%), and West Midlands (-22.7%).
Meanwhile, the drop has been smaller in Yorkshire & Humber (-2%), Wales (-6.4%), and the East Midlands (-9.3%).
Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:
“Interest rate increases are never welcome news for homeowners with mortgages, so it’s going to be a relief for many to see that repossessions have not become more frequent as a result.
But this sharp decrease in repossessions doesn’t necessarily mean that homeowners are having no problem with fulfilling their mortgage. Instead, a key factor will be the fact that lenders are being advised to avoid rash repossessions in the case of payment shortfalls.
They are, for example, being advised to allow homeowners to stay in possession of the property for a reasonable time to enable them to sell the property rather than have it taken away.
So, while this drop in repossessions is preferable to a rise, it doesn’t necessarily mean that people aren’t struggling with payments and we could well see a spike in repossessions over the coming months, as the patience of lenders wears thin when it comes to those unable to fulfil their repayment obligations.”
Business
Ascona CEO honoured at 2024 Allica Bank Great British Entrepreneur Awards
ASCONA GROUP, the seventh-largest independent forecourt operator in the UK and one of Wales’ fastest-growing companies for the past three years, has achieved a significant milestone. Darren Briggs, CEO and founder, has been recognised at the 2024 Allica Bank Great British Entrepreneur Awards, securing wins in two prestigious categories: ‘Scale-Up Entrepreneur of the Year – Wales’ and the inaugural ‘Randall Foundation Entrepreneur of the Year – Wales.’
Celebrating its 12th anniversary, the Great British Entrepreneur Awards highlight innovators and trailblazers shaping the UK economy. The newly introduced ‘Randall Foundation Entrepreneur of the Year’ award celebrates business leaders whose ventures align with the foundation’s mission to save lives, improve life chances, and positively impact local communities.
Pembrokeshire-based Ascona’s commitment to community support has been a cornerstone of its success. The company established The Ascona Foundation in 2020 and has since donated over £400,000 to local, national, and community organisations.
Reflecting on the achievement, Darren Briggs said:
“It is a great honour to be recognised with such prestigious awards at this year’s Great British Entrepreneur Awards.
“I am incredibly proud of Ascona and everything we have achieved over the years. This is another milestone for our business and a testament to the hard work, commitment, and ethos of ‘Team Ascona.’
“However, I am most proud of our charitable endeavours and the team’s dedication to giving back. This year, we remain committed to our fundraising efforts, including our partnership with Wales Air Ambulance, as we continue to support the communities we serve.”
Since its founding, Ascona Group has focused on driving innovation in the forecourt sector while fostering community engagement. This dual commitment to growth and giving back has positioned the company as a leader in its field.
Ascona’s charitable initiatives have supported various causes, enhancing lives across Wales and beyond. Through partnerships with organisations such as Wales Air Ambulance, the Group continues to make a tangible difference.
Darren Briggs’ recognition at the awards underscores Ascona’s impact on both the business world and the communities it serves.
Business
Call to end ‘fad’ of ‘school dogs’ in Pembrokeshire
A CALL to end the ‘fad’ of permanent ‘school dogs’ in Pembrokeshire for their benefit and the befit of the schools, instead using visiting ‘therapy dogs’ is to be heard next week.
Pembrokeshire County Council’s Schools And Learning Overview And Scrutiny Committee meeting of November 28 will consider a public submission by Robert Thomas – who works with therapy dogs – on the subject of school dogs.
The submission reads: “My definition of a school dog is one that spends long periods in the school and is managed and owned by school employees not outside assessed and insured visiting therapy dogs who stay for an hour with a competent handler.
“The welfare of many dogs in schools in Pembrokeshire has been compromised over the last few years and we are concerned that the rise in the popularity of school-owned or teacher-owned dogs is an animal welfare issue.
“I can think of several school dogs in Pembrokeshire where it has gone wrong for the animal.”
He cites examples of ‘school dogs’ the county, where he says they have had to be removed, with the animals being unsettled, barking and even nipping on occasions, showing “a lack of understanding of animal welfare”.
His submission adds: “We have done some work with the Animal Welfare team at the Welsh Government around licensing this field, a consultation was completed in March 2023, currently awaiting the outcome.
“It has become a fad across the country and many dogs spend all day in schools supported by staff members who have another job to do. It feels like PCC does not have a policy overarching animal welfare policy in schools to protect dogs from being seen as staff members and there purely for human benefit, not the dogs.
“Dogs need to rest and sleep during the day and not in school. The visiting therapy dog model works best as the impact is greatest and the welfare of the dog is managed externally. If the dog is there all the time that can diminish the impact, and the novelty can wear off for the pupils.
“In my experience schools should concentrate on teaching and leave the therapy dog introduction to those that have the expertise in animal welfare.”
The submission will be considered by committee members at the November 28 meeting.
Business
Specsavers relocates to landmark new store following £1.2 million investment
HAVERFORDWEST will celebrate the opening of Wales’ largest Specsavers store on Monday 16 December 2024, following a transformative £1.2 million relocation to larger premises in the Riverside Shopping Centre.
The new state-of-the-art store, located at 21 Riverside Quay, promises cutting-edge facilities and enhanced services to meet growing community needs.
It will boast 14 test rooms, including two dedicated audiology suites, making it not only the largest Specsavers store in Wales, but one of the largest in the UK. Equipped with the latest technology, the premises will offer enhanced eye care, contact lens, and audiology services, easing the burden on local NHS services.
The store will also play a key role in education, supporting optometrists undertaking higher qualifications, such as Glaucoma and Independent Prescribing certificates, by providing hands-on opportunities to gain essential clinical experience.
‘This substantial investment reflects our commitment to delivering world-class eye and hearing care to Pembrokeshire,’ says Andy Britton, ophthalmic director at Specsavers Haverfordwest. ‘Our larger premises will allow us to meet growing demand, introduce advanced clinical services, and provide a dedicated training facility for optometrists pursuing higher qualifications.’
A recent YouGov survey, commissioned by Specsavers, revealed that 68% of Welsh adults wouldn’t think to visit an optician first for eye-related problems, and half (50%) would first contact another NHS service (GP, pharmacy, eye hospital, NHS 111 or A&E) if they woke up with eye issues, rather than their local opticians.
The survey also revealed that, of the 68% who would not visit an optician first if they woke up with an eye problem, more than a third (35%) didn’t know they could use an optician for these issues, while a quarter (25%) were concerned they’d have to pay for treatment.
Mr Britton explains: ‘We encourage anyone experiencing acute or chronic eye problems – such as sudden loss of vision, red or painful eyes, flashing lights, floaters, or headaches – to make their optometrist their first point of contact. Optometrists are equipped to manage a wide range of urgent eye issues, allowing patients to receive prompt care and avoid unnecessary trips to A&E or long waits for a GP appointment.
‘By offering quick access to eye health services, we can reduce the burden on the NHS in Wales and ensure people receive the help they need before their condition worsens.’
The grand reopening event on 16 December will feature live entertainment from the Haverfordwest Male Voice Choir and notable attendees, including several local mayors and other dignitaries. The event will also celebrate Specsavers’ community-focused ethos, with a series of fundraising and awareness initiatives planned for 2025.
This new chapter follows the addition of Wayne Jones, retail director, to the Haverfordwest team earlier this year. With a remarkable career and commitment to innovation in optometry, Mr Jones brings invaluable leadership to the practice. His appointment, combined with the relocation, marks a transformative era for the store.
Deputy Leader of Pembrokeshire County Council, Cllr Paul Miller, praised the move: ‘Specsavers’ significant investment is a strong vote of confidence in the future of Haverfordwest. The new store is a key part of the town’s ongoing regeneration, drawing important footfall through the town centre.’
The new Specsavers Haverfordwest store will be open seven days a week, offering flexible appointment times to cater to the community’s needs. To book an appointment or learn more about the services available, visit www.specsavers.co.uk/stores/haverfordwest.
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