Capital suffers most repossessions

London has been branded the repossession hotspot of the UK in a study by Spicerhaart Corporate Sales.

Its finding shows city centres are suffering from the highest numbers of repossessions, with the capital leading the way. London had the most repossessions in the first three months of 2010 – 166% more than the second highest city, Birmingham.

Other cities making up the top five by number of repossessions are Manchester, Liverpool and Belfast.

The top 10 included Nottingham, the Northern Ireland town of Craigavon, Peterborough, Coventry and Leeds. Bar London, no southern towns feature in the top 10 list.

Mark Pilling, managing director of Spicerhaart Corporate Sales, says: “Repossessions continue to rise in city centres where home owners have been hit hard by unemployment, increasing inflation and falling house prices.”