Repossessed properties listed 30% below average house price, research finds
London recorded the largest gap, with repossessed homes listed at 37.9% below the capital’s wider average, according to House Buyer Bureau.
The average asking price for a repossessed property was £177,157, 30.4% below England’s average house price of £254,460, according to research from House Buyer Bureau.
London recorded the largest gap, with repossessed homes listed at 37.9% below the capital’s wider average.
The difference stood at 32.9% in the South West, 31.7% in Yorkshire and the Humber, 31.2% in the North West and 30.1% in the West Midlands.
Almost 1,500 repossessed homes were listed for sale in England.
An estimated 1,442 repossessed homes were for sale.
The South East and North West each accounted for 18% of the total.
The East of England accounted for 14%, followed by Yorkshire and the Humber at 11%.
Chris Hodgkinson, managing director of House Buyer Bureau, said: “Behind every repossessed property is a homeowner who has found themselves in a difficult financial situation, often after circumstances have made it impossible to keep up with their mortgage repayments.
“It’s important to remember that this is not an unusual or shameful situation, and with financial pressures continuing to affect households across the country, it can happen to more people than we might think.
“What these figures also demonstrate is the potential financial cost of allowing a property to reach repossession.”
Hodgkinson added: “With repossessed homes currently being marketed at an average discount of more than 30% compared with the wider market, and by almost 38% in London, homeowners facing financial difficulty should consider their options as early as possible.
“Selling a property before repossession can give a homeowner greater control over the process and, importantly, the opportunity to use the proceeds to help address their outstanding financial commitments.
“A quick sale can be particularly useful where time is critical, although the right option will depend on the individual circumstances of the homeowner.”
He said: “The key message is not to ignore the problem or wait until repossession is inevitable.
“If mortgage payments are becoming difficult to maintain, seeking advice early and understanding all of the available options could make a significant difference to the outcome.”
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