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
In The Welsh Wind gin in running for world title
A CEREDIGION distillery is celebrating after one of its gins was named among the best in the world.
In The Welsh Wind Distillery, based near Cardigan, has won gold and the Wales country title at the World Gin Awards 2026 for its Palo Cortado Cask-Aged Gin.
The matured gin has now been shortlisted for World’s Best Matured Gin, placing it in the top five internationally.
The overall winner will be announced at the World Gin Awards Gala Dinner in London on June 2.
The gin, priced at £45, is bottled at 43% ABV and is made by resting the distillery’s Signature Style Gin in Palo Cortado sherry barrels.
The result is described as a layered spirit with notes of almonds, dried stone fruit and wood spice, alongside the warmth of the gin’s botanical profile.
Palo Cortado is one of the rarest styles of sherry, produced in the Jerez region of southern Spain. It sits between Amontillado and Oloroso, combining nutty, oxidative character with a more elegant structure.
Ellen Wakelam, co-founder of In The Welsh Wind, said: “Palo Cortado is not a cask you choose lightly. It’s one of the rarest styles of sherry in the world and it does something quite specific to our Signature Style.
“It pulls out a depth and warmth that the gin already has in it and frames it in a way you wouldn’t expect. We’ve been incredibly proud of this gin since the first batch and to have that recognised at this level, and to be shortlisted for World’s Best, is something we’re genuinely thrilled about.”
The gin has previously won Best Welsh Matured at the World Gin Awards 2022 and received the Master award from The Spirits Business Gin Masters in 2021.
In The Welsh Wind is an independent craft distillery founded by Ellen Wakelam. It produces single malt whisky, blended Welsh malt whisky, gin and vodka, with a focus on Welsh provenance and cask maturation.
Palo Cortado Cask-Aged Gin: The Ceredigion-made gin is in the running to be named the world’s best matured gin.
Business
Resubmitted application to convert Haverfordwest Halifax for new use
A FRESH call to convert a Pembrokeshire town centre former bank to a nail bar which was previously refused by county planners has been submitted.
In a scheme refused back in March, Huw Tuyen Nguyen, through agent Hayston Developments & Planning Ltd, sought permission for a change of use of the former Halifax bank at Grade-II-listed 10 Victoria Place, in Haverfordwest’s conservation area, to a nail bar, along with a related listed building consent.
Halifax closed its Haverfordwest branch back in 2024, leaving it with no more branches in the county.
A supporting statement accompanying the nail bar application at the three-storey building said: “This application seeks to put the ground floor to an alternative commercial/retail use and which together with some internal and external alterations, also seeks to convert the upper two floors into a single high-quality flat.”
It went on to say of the change of use to a nail bar: “This part of the application would allow the relocation and expansion of a professional service facility to serve Haverfordwest and the surrounding areas. This forms the basis of aspirations to grow the business, both in the immediate short term, and in the future as the business continues to grow.
“The applicant has explained that the current business is a nail salon which has been trading for some 15 years but under a different management. The applicant has had the business since January 2022.”
The application was refused on grounds including the design “fails to respect the historic character of the listed building and the wider terrace,” and “the proposal fails to satisfy the statutory duty to preserve or enhance the character and appearance of the Haverfordwest Conservation Area”.
Since then, a resubmitted application, again through agent Hayston Developments & Planning Ltd has been lodged with planners, with the flat element removed.
It includes a new shopfront design which would be “more traditional in design”.
A supporting statement says: “In our view, this revised proposal is considered to represent not only a significant improvement over the previously refused applications, but which should also result in an overall better, quality shopfront than the existing and be a welcome enhancement to this town centre location. As such, the proposal should be welcomed by the council.”
It adds: “For the avoidance of any doubt, these revised applications do involve any change to the use of the upper floors, such as for possible future use as flats. The future use of the upper floors is still under consideration by the applicant.”
The resubmitted application will be considered by county planners at a later date.
Business
Mayor opens new Sapphire showroom in Milford Haven
New Charles Street base brings windows and doors firm closer to Pembrokeshire customers
THE MAYOR OF MILFORD HAVEN has officially opened a new showroom for Sapphire Windows & Doors in the town centre.

The company welcomed visitors to its new base at 61 Charles Street on Monday (May 18), with Mayor Mark Woodward attending the opening.
Sapphire Windows & Doors, established in 1989, supplies and installs windows, doors and glazing products across South and West Wales.
The new Milford Haven showroom has been opened following growing demand from customers in Pembrokeshire, many of whom had previously travelled to the company’s Ammanford showroom.
The Charles Street premises will allow customers to view products in person, compare colours and finishes, try different styles, and speak directly with the Sapphire team.
Products on display include uPVC windows, composite and aluminium entrance doors, aluminium sliding and bifold systems, and internal and external Crittall-style aluminium and steel doors.
Shaun Matthews, Director of Sapphire Windows & Doors said: “We are incredibly excited to open our new Milford Haven showroom and welcome both returning and new customers through the doors.
“We have already received such a lovely welcome on Charles Street, and we are looking forward to becoming part of the local community.

“When people are investing in new windows and doors, it is important they feel confident in what they are choosing. The showroom gives customers the opportunity to properly see the products, explore the options available, try them for themselves and receive clear, honest advice from our team.”
The company manufactures its own uPVC products in-house at its factory in Ammanford, while installations are carried out by directly employed fitting teams.
Sapphire says it offers free, no-obligation quotes and takes a no-pressure approach to sales.
Every installation is backed by a ten-year guarantee and a FENSA insurance-backed warranty.
The new showroom is now open at 61 Charles Street, Milford Haven, SA73 1SA.
For more information visit sapphirewindows.info.
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