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Property repo hotspots revealed as homes sell for as little as 50% of market value

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We reveal which areas of England and Wales currently rank as the property repossession hotspots, as well what percentage of market value homes are sold for once repossessed.

Repossession hotspots and sale prices

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Repossession hotspots

We crunched Gov data and found that in the last 12 months, the North West has seen the most property repossessions of all regions of England and Wales with 1,464.

The North East (1,044) and Yorkshire and the Humber (1,029) also rank high with over 1,000 properties being repossessed in the last year.  

In contrast, just 162 homes have been repossessed in the East of England in the last year, the lowest of all regions. The South West (439) and East Midlands (505) have also seen some of the lowest levels of homes repossessed.

The cost of repossession

However, the real salt in the wound of a property repossession is the price the property sells for, with those seeing their homes repossessed sold for far lower than they may otherwise have secured by selling themselves.

In this respect, Wales is the worst region to have a home repossessed with the average repossession selling for just £86,859; just 50% of the current average house price.

The East Midlands isn’t much better, with repossessed properties selling for just 55% of current market value, with the North East (60%), Yorkshire and the Humber (62%) and South East (68%) also seeing repossessed properties selling for less than 70% of market value.

Stop house repossession: The full guide

A possible alternative to house repossession

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:

“Falling behind financially and having to sell your home to cover outstanding debts is perhaps the hardest decision you will ever have to make. As a result, many of us fail to act and eventually face repossession of the property as a result.

The real sting in the tail is that this often incurs more costs and the value of your home is significantly reduced during the repossession sale process. This means far less of your debt is covered compared to selling in the regular market.

Homebuying platforms can offer a lifeline in these situations, allowing those in financial hardship to sell their home quickly in order to pay off their outstanding finances while maintaining the final say in the sale of their hard-earned bricks and mortar asset.

Luckily, only a small segment of those we see selling via Yes Homebuyers are doing so out of financial desperation. However, for those that find themselves with little other choice, our "buy my house now" service can provide a higher offer than they may see via a repossession sale and we can also complete in a very short time period so that they receive the funds quickly.”

"

Repossession hotspots

We crunched Gov data and found that in the last 12 months, the North West has seen the most property repossessions of all regions of England and Wales with 1,464.

The North East (1,044) and Yorkshire and the Humber (1,029) also rank high with over 1,000 properties being repossessed in the last year.  

In contrast, just 162 homes have been repossessed in the East of England in the last year, the lowest of all regions. The South West (439) and East Midlands (505) have also seen some of the lowest levels of homes repossessed.

The cost of repossession

However, the real salt in the wound of a property repossession is the price the property sells for, with those seeing their homes repossessed sold for far lower than they may otherwise have secured by selling themselves.

In this respect, Wales is the worst region to have a home repossessed with the average repossession selling for just £86,859; just 50% of the current average house price.

The East Midlands isn’t much better, with repossessed properties selling for just 55% of current market value, with the North East (60%), Yorkshire and the Humber (62%) and South East (68%) also seeing repossessed properties selling for less than 70% of market value.

Stop house repossession: The full guide

A possible alternative to house repossession

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:

“Falling behind financially and having to sell your home to cover outstanding debts is perhaps the hardest decision you will ever have to make. As a result, many of us fail to act and eventually face repossession of the property as a result.

The real sting in the tail is that this often incurs more costs and the value of your home is significantly reduced during the repossession sale process. This means far less of your debt is covered compared to selling in the regular market.

Homebuying platforms can offer a lifeline in these situations, allowing those in financial hardship to sell their home quickly in order to pay off their outstanding finances while maintaining the final say in the sale of their hard-earned bricks and mortar asset.

Luckily, only a small segment of those we see selling via Yes Homebuyers are doing so out of financial desperation. However, for those that find themselves with little other choice, our "buy my house now" service can provide a higher offer than they may see via a repossession sale and we can also complete in a very short time period so that they receive the funds quickly.”

See data & sources

Location

Repossessions (Last 12 Months)

Average Repo Sold Price

Current Average House Price

Difference (£)

Difference (£)

North West

1464

£122,405

£173,617

-£51,212

71%

North East

1044

£79,014

£131,701

-£52,687

60%

Yorkshire and the Humber

1029

£105,115

£170,025

-£64,911

62%

South East

695

£224,552

£332,147

-£107,595

68%

West Midlands region

650

£147,503

£204,886

-£57,383

72%

Wales

559

£86,859

£172,828

-£85,969

50%

London

539

£376,435

£489,159

-£112,724

77%

East Midlands

505

£111,807

£202,345

-£90,538

55%

South West

439

£214,114

£264,886

-£50,773

81%

East of England

162

£241,404

£296,411

-£55,007

81%

Data on current repossession levels sourced from Gov.uk

Data on current repossession property sold prices sourced from PropertyData

Data on current property prices sourced from Gov.uk

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