Repossessions drive down cost of homes in Hartlepool

Wed, 07 Dec 2011

Home repossessions are contributing to falling house prices in Hartlepool.

Over the past 12 months, the area has recorded the UK's biggest slump in terms of the cost of a buying a dwelling, the Hartlepool Mail reports.

The typical price of an abode in the town is £76,818, which represents a significant decrease on the figure of £96,513 recorded 12 months ago - a drop of 20.4 per cent.

Lorraine Williams, manager of Eden Estates, said the results - supplied by the Land Registry - are not reflective of the situation in the location as a whole.

She remarked they have been skewed by certain areas being negatively affected by repossessions as people are losing their jobs.

Ms Williams continued by saying West Park has actually seen a hike in house prices in the past year.

The problem is also being compounded by the fact first-time buyers are struggling to raise enough capital to get on the property ladder.

It comes after the latest Credit Action debt statistics show more than 100 homes are being repossessed daily in the UK.

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