UK Home repossessions higher up North
The north south divide continues to widen across the UK property market as new research show that more home owners in the northern areas of the UK are losing their homes to repossession orders.
Chester topped the list of the most repossessions registering 53 per 10,000 households the worst hit areas include Darlington and Durham in the North East where records show an average of 24 repossessions per 10,000 households – as much as 60 per cent higher than the national average of 15 per 10,000 households. Other areas with higher levels than the national average include industrial parts of Lancashire and some parts of southern Yorkshire where high unemployment levels continue to plague the region.
The research based on court ordered repossessions in the last half of 2011 show a much lower level of repossessions across the southern part of the country in Oxfordshire the levels were 20 per cent below national levels.
Experts fear the amount of families at risk of losing their homes in the months ahead will continue to grow in the north due to the weaker economic conditions in evidence.