CHESTER has the highest number of repossessed homes in England and Wales, according to new research.
A study by e.surv chartered surveyors found 53 in 10,000 houses taken over by banks in the second half of 2011, compared with the national average of 15 in 10,000.
Local estate agents speculate the reason for the high figure could be the large number of landlords who previously invested in city centre apartments as a buy-to-let opportunity.
Philip Rowlandson, negotiator for Swetenhams estate agents in Chester, said: “The finding that Chester had the highest number of repossessed homes per 10,000 in England and Wales in the second half of 2011 may have something to do with previous large-scale investment in buy-to-let, city centre apartments.
“Although the figures are still surprising, it may be that 2011 saw many buy-to-let repossessions which were previously purchased at high cost and in large quantities when the market was at its peak.”
Confusingly, homeless charity Shelter has released a list of ‘Repossession Risk Hotspots’ looking at the rate of possession claims issued to households at risk of losing their homes showing Chester in a different light.
Knowsley was the top hotspot in a list of 39 local authorities across the North West with Cheshire West and Chester coming in at 28th.
Shelter chief executive Campbell Robb said: “Most people think that repossession will never happen to them. However, rising unemployment, high living costs and high house prices mean that many people in the North West are living close to the edge already, and risk falling into a spiral of debt and repossession.
“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.”
