15:36 01 July 2012
A recently revealed list shows that home repossession is more widespread in some areas than in others. Home repossession affects most areas across England, most especially in northern England where the economic growth is weakest. However, it was found that several areas in London as well as eastern England are suffering from high home repossession risks.
The areas where the problem hits the hardest include Barking and Dagenham, both in London. In both areas, the numbers of people facing repossession are double the national average. This equates to 8 in every 1,000 properties.
Following closely behind are Knowsley in northwest England and Thurrock in the east. They are, in turn, followed by Lewisham in the south and Rossendale, also in the northwest.
Further studies also showed that those in the northern parts of England are more likely to win the repossession cases and are therefore in greater risk of actually losing their homes.
The list was put together by housing charity Shelter using records from the Ministry of Justice. According to Campbell Robb of Shelter, the problem can be blamed on “rising unemployment, rising living costs, and high house prices.” A small thing like a wage cut, a health problem, the loss of a job, and so on can swiftly put a family in danger of missing mortgage payments and spiraling into debt. Indeed, other studies also showed that there is a strong connection between the rising unemployment and the rising repossession claims in London.
Housing Minister Grant Shapps has announced that short-term loans are available and can thus provide helpf to families who need it the most. Shapps urged those who are having difficulties meeting their mortgage payments to seek help early, as this may spell the difference between making it through and losing their homes to repossession.
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