House Repossession Hotspots

Surprising as it may seem, home-owners in the South are far more likely to lose their homes than their Northern counterparts. National charitable organisation Shelter have analysed research, presumably drawn from reliable testing, and claim that the boroughs of Dagenham and Barking are at higher risk of suffering from house repossessions.

Interestingly, most of the rest of the top ten so-called hotspots are made of the more usual candidates, those being locations in the North, in particular areas of the North West. Still, three of the ten are given over to areas in and around London and that does but a different spin on things.

Generally those living in the South are viewed as being more affluent that those living in more Northern climes, and whilst many a politician and spin doctor would try to convince you otherwise, the North/South divide does exist. Southerners have always been thought of as better off, as being financially solvent, with access to a higher standard of living than residents anywhere else in the country.

However, Shelter’s current thinking sheds a slightly different perspective on the whole repossession debacle.

In a nutshell, what Shelter are trying to point out is this: no matter where you’re from, or where you live, your mortgage is still your single biggest outgoing. Unfortunately, despite lower interest rates and various attempts by the big lenders/ Bank of England to help out home owners, the cost of living continues to rise. This has a knock-on effect with regard to how far the average wage packet now has to stretch.

Once the tax man’s had his cut, he continues to dip in and out by way of stealth taxes, fuel duty, VAT and interest on loans. Then there are the utility companies, all upping their pricing bands despite warnings to the contrary. And let’s not get started on the rising cost of the weekly shop.

The beleaguered home-owner is left with an ever-dwindling pile of cash, and this then leaves him more open to repossession. Shelter’s advice? Don’t put off the need to discuss your mortgage if you’re starting to struggle. Our advice? What Shelter say.

House Repossessions In The South East

Current property repossessions are at an all time high in the Kent region of Thanet, provoking even more worry and misery for those that are currently struggling to keep their heads above water. Or rather a roof over their heads.

Despite the combined efforts of charitable organisations, bank-led schemes and of course the home-owners themselves, house repossession numbers remain far too high for many, and too close for comfort for others. What’s truly frightening is the fact that one home owner, under threat of eviction, turned to a local mortgage rescue scheme for help.

Due to the fact that the rescue scheme’s wheels turned far too slowly, the home owner found himself despairing, until he turned to the Citizens Advice Bureau. Thankfully, with some help from the CAB, he managed to rescue his situation at the 11th hour and has managed to keep his home and has got his finances back on track.

Unfortunately that’s not the case for everyone in the region and Thanet residents continue to struggle to meet their mortgage payments, and arrears abound throughout the area. Another area of the housing market that’s massively struggling is the rental one, with hundreds of individuals finding themselves evicted due to rent arrears.

According to recently published figures, rental repossession crept up around 27%, and it’s believed, in part, to be due to the 10% year on year increase in rental prices. Looking back over the last few years, demand for rental properties has continued unabated and landlords have reacted accordingly.

Unfortunately the persistent rise appears to have left many renters out priced, thus leading to the inevitable – evictions and the more house repossessions up and down the region. Of course there are some that claim the figures to be disproportionate to the actual number of residents, rental properties in comparison to other parts of the county.

However the figures are what they are and there must be some cause for concern as the recent spate of repossessions have cause the CAB to look into offering a new service to those living in the local area – they’re looking for funding for a project that will allow them to inject direct help to those that need it the most.

If you live in the Thanet region, and you need help in relation to mortgage or rent arrears, or you’re simply looking for some solid financial advice, you can contact your local CAB direct, or visit their website in order to make an appointment.