28
2012
Is Your Neighbourhood on the Fast Track to Foreclosure?
Posted by Rachel S. with 5 Comments
Image: england.shelter.co.uk
Shelter, a homeless charity organisation, just released the study “Repossession Risk Hotspots,” which included a map of regions rife with house repossessions. Not surprisingly, the hot spots are in areas of rampant and rising unemployment. Wondering if your borough is on the list of homes of the not-so-rich and famous? You’re right to be concerned.
London borough Barking and Dagenham topped the list. Families there are doubly likely to lose their homes, according to Shelter’s study. More than eight in 1,000 homes were repossessed in 2011 in these areas. Comparatively, West Dorset has just over one in 1,000 homes with repossession claims. Do you live in or near either of the most affected areas? Have you seen bank notices posted and your neighbours abruptly gone?
Shelter mined Ministry of Justice official repossession claims to identify hot spots of greatest activity. Across North England, from Merseyside to Humberside and running down to Derbyshire, is an entire region impacted. If you’re in any of the affected areas, you’ve no doubt seen some neighbours packing up and moving – this can be scary – particularly if your finances are on shaky ground already.
Image: housingassist.com
Shelter’s study reveals something news reports do not. Most news reports claim that repossession levels are steady compared to last year’s – but these numbers rely only on official orders, not repossession claims filed. Shelter’s study looks deeper – and so the results are more revealing and disturbing – particularly for those in affected regions.
Are you living in one of the top 10 hotpots for repossession? Here they are in order of most homes with repossession claims filed:
1. Barking and Dagenham
2. Knowsley
3. Rossendale
4. Rochdale
5. Blackpool
6. Burnley
7. Thurrock
8. Luton
9. Lewisham
10. Newham
A look at the map shows clearly that there are distinctive hospots, particularly across the North and the West. If you live in Mole Valley in the south east or West Somerset in the south west, you can rest much easier, where repossession rates were less than 2 per 1,000 compared to nearly 8.5 per 1,000 in the top borough.
Shelter’s Chief Campbell Robb said of the study, “Most people think 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.”
Image: metro.co.uk
Robb warns, “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.”
No doubt you know a family – probably more than one – that has lost their house. Even in upscale neighbourhoods, people are losing their financial footing and their homes. Some people assume it’s only average and lower-income homes getting hit with repossession, but the fact is, homeowners of all types are affected. Anyone can live close to the financial edge, whether it’s in a shabby flat or a ten bedroom manse.
Image: england.shelter.co.uk
Housing Minister Grant Shapps says, “I’m determined that help is available to those facing the real and frightening prospect of losing their home.” He added that £19m has been given to local councils and another £3m to the National Homelessness Advisory Service to try to help families in need.
If your family is at risk or you know someone who is, seek help or urge them to as soon as possible. Early intervention may help stave off repossession until you can get back to rights.
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