The North West has been the area with the most repossession in the last year
There have been 1,464 repossessions in the Northwest in the past 12 months, the most of any region, according to research from home-buying platform Yes Homebuyers.
The Northeast (1,044) and Yorkshire and the Humber (1,029) also rank high, with more than 1,000 properties repossessed last year.
In contrast, only 162 houses have been repossessed in eastern England in the last year, the lowest of any region. South West (439) and East Midlands (505) have also seen some of the lowest levels of foreclosed homes.
“Foreclosures are a worrying reality”
Matthew Cooper, founder and managing director of Yes Homebuyers, said: “Being financially behind and having to sell your home to cover outstanding debt is perhaps the most difficult decision you will ever make. As a result, many of us fail to act and eventually face property repossession.”
“The real problem is that this often leads to higher costs, and the value of your home is significantly reduced during the repossession sale process. This means that much less of your debt is covered compared to selling in the normal market.”
“Home buying platforms can offer a lifeline in these situations, allowing those in financial distress to sell quickly to pay off their outstanding finances while keeping the last word on the sale of their hard-earned physical assets.”
“Fortunately, only a small segment of those we see selling through Yes Homebuyer does so out of financial desperation. However, for those who are left with few options, we can offer them a higher offer than they would see through a recall sale. We can also complete in a very short period of time, so they receive the funds quickly.”
Foreclosed properties are sold for a price that is very low than its real value.
The saddest thing about repossessing a property is the price the property is selling for, and those who see their homes repossessed are selling for much less than they would have otherwise gotten by selling themselves.
In this regard, Wales is the worst region in which a house has recovered with an average recovery selling for just £86,859, only 50% of the current median home price.
The East Midlands is not much better, with repossessed properties selling for just 55% of current market value, and the Northeast (60%), Yorkshire and the Humber (62%), and the Southeast (68%) also see repossessed properties sell for less than 70% of the market value.
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