A survey found the typical wealth of households in the North-East region of England was now £16,000 less than it was in 2006/08.
It is important to note that these figures show that the region's wealth has declined under both the previous Labour government and the current coalition administration. The decline started under the previous Labour government and was then compounded by the global financial crisis in 2008/09.
The region has the highest unemployment rate in the country, which currently stands at 10.1%.
One of the biggest problems facing homeowners in the region has been the fall in property prices and the rise in the number of people trapped in negative equity. In April, property analyst Countrywide found 53% of the region's first-time buyers in 2007 still had homes worth less than they originally paid for them.
http://www.bbc.com/news/uk-england-tyne-27470706
It is important to note that these figures show that the region's wealth has declined under both the previous Labour government and the current coalition administration. The decline started under the previous Labour government and was then compounded by the global financial crisis in 2008/09.
The region has the highest unemployment rate in the country, which currently stands at 10.1%.
One of the biggest problems facing homeowners in the region has been the fall in property prices and the rise in the number of people trapped in negative equity. In April, property analyst Countrywide found 53% of the region's first-time buyers in 2007 still had homes worth less than they originally paid for them.
http://www.bbc.com/news/uk-england-tyne-27470706
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