North-south housing divide is growing, says Standard & Poor's | Money | guardian.co.uk

North-south housing divide is growing, says Standard & Poor's | Money | guardian.co.uk

Mortgage borrowers in the north of the UK are more likely to be in arrears and negative equity than those in the south, and the divide is likely to grow as government spending cuts take affect, according to ratings agency Standard & Poor's (S&P).


The agency said its analysis of 1.5m mortgage accounts showed homeowners in the north were 35% more likely to be at least 30 days behind on repayments in the first three months of 2011, and that the gap had widened since the last quarter of 2010 when the figure stood at 25%.