Northwest is hotspot for home repossessions while South prospers
There were 33 per cent more home repossessions in the North than in the South for the year to July, according to research by e.surv chartered surveyors.
The group examined court-ordered repossessions per 1,000 households over the 12 months to July and found there were 3.2 repossessions per 1,000 households in the North, compared to 2.4 per 1,000 in the South.
The gap will add to fears that economic prosperity remains overwhelmingly concentrated in the South and East of England, while the North continues to be overly reliant on public sector spending.
Towns with the highest repossession rates in England per 1,000 households for the year to 30 June
| Chester | 8.4 |
| Blackpool | 4.5 |
| Romford | 4.4 |
| Oldham | 4.3 |
| Wigan | 4.2 |
| Luton | 4.2 |
| Bradford | 4.1 |
| Doncaster | 4.1 |
| Croydon | 4.1 |
| Northampton | 3.8 |
The North West suffers from the highest rates of home repossession, with eight in ten towns in the North West having above the UK average for number of repossessions. Four of the UK's top ten repossession towns are in the North West.
Richard Sexton, director of e.surv, said:
House prices may be high in the capital, and the labour market may be stronger, but in such densely populated areas, there remain borrowers who are struggling. Many borrowers have seen their finances slowly eroded by high inflation and rising living costs. This has been particularly potent in the expensive capital, where less affluent borrowers – those who could only just afford to buy – have been badly affected.
There is some significant good news in the report with repossessions down 17 per cent across the country in the year to July, with 66,554 repossession orders compared to 77,856 in 2011-12.