In Focus Commercial Credit
Taking note
Research on property repossession hotspots has been revealed as homes sell for as little as 50% of market value
Matthew Cooper Founder and managing director, Yes Homebuyers
Our research has revealed which areas of the England and Wales currently rank as the property repossession hotspots, as well what percentage of market value homes are sold for once repossessed. We crunched government 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.
Sale price 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 is not much better,
with repossessed properties selling for just 55% of current market value, with the North East (60%), Yorkshire and the Humber
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(62%) and South East (68%) also seeing repossessed properties selling for less than 70% of market value.
Falling behind 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 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.
www.CCRMagazine.com
Luckily, only a small segment of those
we see are doing so out of financial desperation. However, for those that find themselves with little other choice, we can provide a higher offer than they would see via a repossession sale and we can also complete in a very short time period so that they receive the funds quickly. CCR
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
January 2021
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