London more resilient than rest of UK?

Interesting article on BBC website today http://news.bbc.co.uk/1/hi/business/7562812.stm
showing that while repossessions are up across the board and by as much as 43% in the Midlands, in London they have only risen by 12%.
Ironically a report earlier in the week showed that London properties were selling at an average of over 10% below asking price, one of the worst rates in the country.
Maybe London prices rose so fast 12-18 months ago that there is more equity in the average home still to avoid repossession