Home Repossessions 44% Higher In The North
But signs North-South divide is starting to close
- North East and the North West are the repossession hotspots
- Eight in ten (78%) Northern towns have more repossessions than average
- Oldham has highest repossessions rate and East-Central London the least
- But the North-South divide may be beginning to close: 4 of the 5 biggest improvers are in the North: Carlisle (-26%); Harrogate (-23%); Telford (-22%) and Hull (-21%)
The rate of home repossessions was 44% higher in the North than in the South in 2013, according to detailed research released this morning by e.surv chartered surveyors.
e.surv’s analysis of court-ordered repossessions in England and Wales in 2013, broken down by post code, found there were 5.6 repossessions per 1,000 households in the North, 44% higher than the 3.9 repossessions per 1,000 households in the South.This compares to 6.3 repossessions per 1,000 households in the North and 4.4 in the South in 2012.
Eight in ten Northern towns (78%) were home to more repossessions than average in 2013. The North West, North East and Wales were repossession hubs in 2013, with 6.0, 5.9 and 5.8 repossessions per 1,000 households respectively. The South West – the area with the lowest number of repossessions per year – experienced the biggest improvement, with repossessions falling 15% over the past year.
Richard Sexton, director of e.surv chartered surveyors, explains: “The North is still home to the largest wedge of repossessions, despite improvements in household finances across the country. Both the North West and the North East are still paying the price of recession-driven public sector job cuts – which stimulated a glut of local repossessions. The whole country is now in recovery, but the North has the furthest to go to catch up, and is comparatively lagging behind.”