According to official figures released by the charity Shelter, 8,000 people a week faced the risk of losing their home.
The research conducted of Ministry of Justice figures for repossession claims shows startling conclusions for year end March 2015.
Whilst trying to identify the countries home threat hotspots in the study, an astonishing revelation occurred. The first top fourteen hotspots for repossession in England were located in the country’s capital London.
In a city that has become synonymous with wealth, how could this come to be? London is arguably the real estate capital of the world & has become to some extent the showroom of the super-rich & wealthy.
Unfortunately the influx of wealth has seen living costs soar in the capital, where housing costs are highest. Demand for exclusive London stock has seen prices sky-rocket.
In the London boroughs of Newham, Barking & Dagenham, the report suggested one in 38 homes was subject to a possession claim. This figure was shortly followed by the London boroughs of Haringey, Lewisham & Hackney, where one in 45 homes were threatened.
This could come as some surprise, as the borough of Hackney in particular has experienced a well documented boom in real estate price & demand in recent times. Nevertheless, Hackney was identified as a London repossession hotspot.
Some may argue the soaring prices of property have led to the further gentrification of the location. The formely working class area is now prime real estate for buyers with eye-watering year-on-year prices increases of nearly 12%. Is it the latest development in the social cleansing of our capital city?
Outside of London, but not a stone-throw away, Slough is next on the hit list for repossession with figures showing one in 58 homes facing the risk.
Slough was closely followed by the simlarily at-threat areas of Redbridge & Peterborough.
The startling figures show how many are struggling to keep their families in the home. Whilst newspapers ring the end of the recession & a return to prosperity, it appears many are suffering on the sidelines in silence.
With living costs not rising in line with wages, the average person can often struggle to keep up in increasingly affluent areas.
When homes in newly affluent areas such as Hackney are at risk, the subsequent sale is most likely to be to a prosperous buyer, further amplifying the gentrification process.
At Rescue My Properties, we can assist homeowners with the burden of debt. We are solution services specialists & can stop a repossession anywhere in the UK within 24 hours.
We are experts in the issues surrounding repossessions. We offer free one hour consultations to homeowners facing the threat. We can appoint court representative to keep the family in the home. Repossession is not a durden that must be faced alone.
Call 0207 127 6536 to schedule your free one hour consultation.