Shelter reveals repossession hotspots

| June 29, 2012 | 0 Comments
Shelter reveals repossession hotspots

Homeowners in the London Borough of Barking and Dagenham are most at risk of having their home repossessed, according to housing charity Shelter.

There were around eight possession claims per 1,000 homes in Barking and Dagenham in 2011/12, twice as high as the average for the UK as a whole.

Shelter’s latest “Repossession Risk Hotspots” study places Knowsley, Merseyside, in second place, followed by Thurrock, Essex; Lewisham in south London; and Rossendale, Lancashire.

Possession claims are the first step in making a repossession and not all houses are repossessed following a possession claim.

It is the first time that Shelter has used possession claims in its figures.

The charity decided to include possession claims to give an earlier indication of where a large number of people are at risk of losing their homes.

Not surprisingly, Shelter’s research identified a correlation between home repossession and rising unemployment.

Chief executive of Shelter, Campbell Robb, said: “Most people think that repossession will never happen to them, but rising unemployment, rising living costs and high house prices mean that many people are living close to the edge already, and risk falling into a spiral of debt and repossession.

“The journey from being a homeowner to becoming homeless is frighteningly swift, with just one small thing like a wage cut, a health problem or a job loss meaning that a family can no longer meet their mortgage payments.

Earlier this month the Consumer Credit Counselling Service revealed a sharp fall in the number of younger people with mortgage arrears.

The charity said that the number of people in their 20s with mortgage arrears has nearly halved in the past two years.

Last year, the Consumer Credit Counselling Service was contacted by 816 people in their 20s with mortgage arrears, compared with 1,344 in 2009.

Tags: house repossession, housing charity, , Repossession Risk Hotspots,

Comments (0)

Trackback URL | Comments RSS Feed

There are no comments yet. Why not be the first to speak your mind.

Leave a Reply

Visited 303 times, 44 so far today