The average homeowner in parts of Teesside has lost £25,000 off the value of their house since the coalition came to power in 2010 – while prices in London have soared.
Exclusive analysis of Land Registry data show the average house price in Redcar and Cleveland has dropped by 21.3% since May 2010, the date of the last election.
The average price is now £92,785 – or £25,134 LESS than it was then.
Only two places in the country – Merthyr Tydfil (down 27.1%) and Blackpool (down 24.9%) – have seen a bigger percentage fall.
In Middlesbrough, prices are down 6.6% since May 2010.
That means the average property is worth £5,904 less now than then.
And Stockton-on-Tees has seen a 2.6% fall, equivalent to £2,944.
Across England and Wales as a whole, house prices have actually gone up by 10.8% since May 2010, with the average property worth £17,595 more than it was then.
Across England and Wales as a whole, house prices have risen by 10.8% since May 2010.
The biggest increases have all been in London – with the 29 top-rising areas all in the capital.
Top of the list is Hackney, where house prices are up 76.3%.
The average house is now worth £634,045 – or £274,491 more than it was five years ago.
In the City of Westminster, meanwhile, the average price is up £464,941 from £610,767 to £1.07m.
When London is taken out of the equation, Tory-run areas seem to have done markedly better than those controlled by other parties.
Ten of the 20 ‘non-London’ areas that have seen the biggest rises are held by the Conservatives, with nine in no overall political control and just one – Slough – held by Labour.
Tory Wokingham (up 25.7%), Hertfordshire (up 24.6%) and Surrey (up 24.6%) have seen the biggest rises outside London.
By contrast 19 of the 20 areas to have seen the biggest falls in house prices are run by Labour.
The only one that isn’t is Lancashire (down 13.6%) – which is in no overall control.
Source – Middlesbrough Gazette, 13 Apr 2015
Cash-strapped South Tyneside has the second-highest level of personal debt in England, a shock new report reveals.
Statistics show that 607 clients visited the borough’s Citizens Advice Bureau (CAB) between July and September last year, with debt-related concerns.
Concern over debt now accounts for a staggering 42 per cent of that bureau’s workload.
A new national CAB report also reveals that South Tyneside has the fourth-highest level of personal debt in England and Wales.
However, when two Welsh authorities are taken out of the equation, it emerges as the second worst debt-hit area in England – just behind Stoke-on-Trent.
Ian Thompson, chief executive of South Tyneside CAB, based at the Edinburgh Buildings in South Shields, revealed that priority debt, such as rent and Council Tax, had spiralled in recent years.
Meanwhile, advice workers are expecting a further surge in demand for the service this month as borough residents begin to count the cost of Christmas spending.
Mr Thompson revealed that debt-related problems are so great that some clients in the past have committed suicide as an escape from them.
The seriousness of the situation has led him to write a letter to every elected member on South Tyneside Council, outlining the situation and his concerns.
Mr Thompson said:
“We know there is an awful lot of debt in the borough.
“Forty two per cent of our work is working with clients with debt problems.
“That’s a staggering figure when you consider that we deal with a whole range of issues, ranging from employment to housing and much more besides.
“The sort of debt we are encountering has changed during my time with the bureau, from credit card debt and to priority debts, such as Council Tax arrears and rent arrears.
“These are life-changing, priority debts which can lead to people losing the roof over their heads.
“Unmanageable debt causes untold misery and can require the intervention of GPs for the treatment of depression.
“We have also had, as an extreme example, clients committing suicide because of the pressures they are under.
“From mid-January we are expecting a surge in the need for debt-related advice. Prior to Christmas, people tend not to think too much about debt – then the bills and credit card demands start to arrive.”
Top of CAB’s personal debt chart for England and Wales are two Welsh authorities – Denbighshire and Merthyr Tydfil.
In the North East the other worst-hit authorities are Darlington (5th), North Tyneside (8th), Gateshead (12th) and Middlesbrough (13th).
Source – Shields Gazette, 15 Jan 2015