Recovery solely based in the capital?

Distressed seller enquiries from homeowners in major cities in the Midlands and the North are up by over 60% on this time last year, according to Property Portfolio Rescue’s Distress Index for the third quarter of 2009.

It found that many urban homeowners throughout the UK are seriously suffering financially. This could suggest that any market recovery is based in London.

It suggests there is no sign of a market recovery in the Midlands and the North with expectation of a protracted downturn as underlying economic factors remain shaky. In fact, there has been a 60% annual increase in distressed enquiries from homeowners in Midlands and North.

The Property Portfolio Rescue Distress Index also shows a record number of enquiries as distressed sellers rush to pre-empt repossession.