Devon and Cornwall are the repossession hotspots in UK right now, says an article.
The general downturn in the housing sector has had particularly severe effects in Cornwall and Devon, with 41 percent more residents facing claims to give up their home than in 2007. Across the UK, repossessions numbers have gone up 17 percent.
High house prices and low wages in the area have been blamed on the trend. This disparity has been driven by the fact that large numbers of wealthy city-dwellers retain holiday homes in the area. This means that they can often easily outbid local buyers for property, driving prices up out of the reach of most.
South West England ‘A Repossessions Hotspot’
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The Echo reported an interesting case where a homeowner was repossessed by the Inland Revenue, not her mortgage lender. The sharp rise in cases of bankruptcy in the UK is forcing the Inland Revenue to use all possible means to get their money!
http://www.echo-news.co.uk/news/3848889.Day_we_were_made_homeless_will_live_with_me_for_ever_/