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Regional recession index shows hardest hit areas of the UK

The regional recession index has highlighted the varying degree of performance across the UK with regards to property prices and unemployment. Those living in the Swindon area will be dismayed to learn that the city has seen unemployment explode by 197% over the last 12 months making it officially the worst hit area in the UK.

Swindon has also seen a 16% fall in property values although this figure is superseded by Luton where house prices fell by a staggering 19% over the last 12 month. Rochdale at 18.5% and Bristol at 18.4% were also severely hit by the UK property downturn. There are growing concerns that these areas will also experience a slower recovery from the recession compared to the UK average which could put significant pressure on finances in the region.

On a more positive note, the London Borough of Brent was shown to be the most recession proof area of the UK with salaries increasing by 12% and unemployment rising by significantly less than the UK average. While these headlines make damning reading for many areas of the UK there is no doubt that each and every area of the country has been hit to some extent. It is also worth remembering that the speed of any local recovery from the downturn will vary from place to place and timings will also be different.

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