Repossessions go up sharply in the south west

07/10/2008

Property repossessions in Devon and Cornwall are growing faster than elsewhere in the UK.

In south west England 41 per cent more households are facing repossession claims than this time last year.

This is well up on the national average of 17 per cent, the Guardian reports.

The reason for the disparity is the unusually high house price to wage ratio in the west country, which has left local homeowners particularly exposed to the property market's decline.

Second home owners and a lack of local jobs have increased the gap - with prices in picturesque North Cornwall 23 times that of the local wage.

Speaking to the newspaper Stephen Davis, manager of Torridge and Bude Citizens Advice Bureau, said: "The problem is simple. In the south-west we have lower than average wages and above-average house prices.

"People have overreached themselves."

Nationwide's latest house price survey has revealed a 12 per cent decline in the value of homes over the past 12 months.

Tags; Housing Debt and Bills, Young Family Finances, Retirement Money Problems,

Regional Debt Advice; Debt Help Cornwall, Debt Help Devon,

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