UK Property - South-west of England becomes a repossession hotspot | PropertyIndex.com

South-west of England becomes a repossession hotspot

South-west of England becomes a repossession hotspot

The latest figures from the Ministry of Justice show that the amount of repossession claims in Cornwall and Devon were up by just over 40% during the spring compared to the same time last year.

Every month, hundreds of people are being placed into temporary accommodation, including caravans, due to the rising number of repossessions, with experts in the south-west certain that the state of affairs is far worse this season than the statistics indicate.

The last repossession court in Barnstaple heard 26 cases - over double the amount heard prior to the credit crunch, while a court in Penzance, recently went through 50 cases in a single morning.

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

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