Household wealth shows north-south divide

By Marianne Straker, Fri 27 Jan 2012 - Published in Home Insurance

There is a north-south divide in household finance, according to new research by the Consumer Credit Counselling Service (CCCS).

Officials at the organisation described the new figures as "alarming" but highlighted that London was an exception to the rule. The analysis found that 1.8 million households (8.9 per cent across the UK) spent more than 25 per cent of their income paying back debts.

Areas with the highest level of unsecured loan repayments tended to be in the north of England with regions such as Yorkshire and the north-east topping the list for above-average rates.

Recent research by Aviva found that household debt was once again on the rise with 62 per cent of UK families worrying about the increased cost of living.

CCCS bosses also found that despite lower house prices in the north of England, Scotland, Wales and Northern Ireland many struggled with mortgage repayments.

Lord Stevenson, chairman of the organisation, said: "Households are struggling right across the UK, but northern regions are in a far more perilous position than elsewhere."

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