The north south divide in housing repossessions in the UK rates has widened from 7% to 32% in just six years with rates highest in the north west, the M62 corridor and industrial Yorkshire, new data shows.
An analysis of court ordered repossessions in the first half of 2012 by e.surv chartered surveyors, found there were 1.8 repossessions per 1,000 households in the north, 32% more than the south, which saw 1.4 repossessions per 1,000 households.
The research found the gap has widened from a 7% difference in the middle of 2006 to 32% as of the beginning of August this year.
The north west, the M62 corridor and industrial Yorkshire are the regions where repossessions are highest. It says that the north has had to shoulder a larger burden of the public sector cuts, which has pushed unemployment up well above the national average of 7.8% in some northern areas, particularly inner city areas which have been traditionally dependent on local council employment. As a result, more borrowers in the north have failed to keep up with their mortgage repayments.
Northern towns dominate the list of places with the highest proportion of repossessions. Chester tops the list, with 4.9 per 1,000 households, over three times higher than the UK average of 1.6 per 1,000. Blackpool with 2.6 and Bradford with 2.5 complete the top three. Of the top 20 postcodes where repossessions are highest, 15 are in the north.
Conversely, southern towns almost exclusively populate the list of areas with the lowest proportion of repossessions. Just three northern postcodes appear in the bottom 20 areas for repossessions.
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