Northern towns highlighted as some of the worst for repossessions.
- 2015 sees Northern repossession rate of 2.1 per 1,000 households, down from 4.1 per 1,000 in 2014
- Bolton (3.5 per 1,000 households) & Sunderland (3.1 per 1,000) named worst repossessions towns
In the North, 73% of towns had a repossessions rate higher than the England and Wales average. Towns managing to record a lower rate than average included Carlisle (1.2), Derby (1.4) and Leicester (1.5).
Bolton continues to have the highest repossession rate across England and Wales, a position it has held since 2004. Within the town, 3.5 per 1,000 households had their home repossessed throughout 2015. Sunderland closely follows Bolton, with a repossession rate of 3.1 per 1,000, accompanied by Oldham (3.0 per 1,000), Liverpool (3.0 per 1,000) and in fifth position Bradford, with a rate of 2.7 per 1,000 households.
Richard Sexton, director of e.surv Chartered Surveyors, explains: “The North is battling to change its reputation as a repossession hotspot. Repossessions overall may be dropping, but the reclaiming of homes remains an acutely Northern problem. Across the region, almost three-quarters of towns are seeing substantially higher than average repossession rates. Homeowners in Bolton are still, more often than most, struggling to make mortgage repayments and even in Manchester and Liverpool – two of the North’s most prominent cities – repossessions are prevalent. The North has faced heightened challenges to the South in recent years – the loss of public sector jobs, manufacturing industry decline and a tough recession – all of which hit homeowners and potential homebuyers. However, economic conditions in the North are now receiving more attention, with the Northern Powerhouse initiative and the future promise of devolution drawing more towns into the national spotlight.”