The North West has five locations in the top 10 for repossessions
The London bourgh of Barking and Dagenham tops the list for the repossession capital in the UK according to the latest figures released by Shelter, the homelessness charity.
|Rank||Local authority||Region||Number of claims (2011/12)||Rate of claims per 1,000 private homes|
|1||Barking and Dagenham||London||415||8.44|
|3||Thurrock UA||East of England||345||6.51|
|7||Blackburn with Darwen UA||North West||285||6.16|
|10||Luton UA||East of England||385||6|
Out of the top ten areas for repossession, there are three boroughs in London and five locations in the North West of England, with a further eight in the top thirty, meaning a total of twelve locations in the top thirty for the North West.
The map drawn up by Shelter highlights the most vulnerable places in the UK for home repossessions and where homeowners are at the most risk of losing their homes. The charity found a link between areas where there is a high case of unemployment to those areas that experience higher repossessions.
How does this affect landlords and property investors?
What would also be interesting to know is what percentage of these figures accounts for buy to let landlords and investors as well? It isn’t just homeowners that fall into a spiral of debt and despair – landlords who haven’t done their sums or have mismanaged their finances are also prone to repossessions as we very well know at Aston Eaves by the number of portfolios we are offered from banks and receiverships.