So what’s happening in North of England?

With high repossession levels, along with current stamp duty holiday, it’s caused a bit of a frenzy with investors buying property in the North East and Northern England resulting in house price rises.

The latest House Price Index is showing the North of England property leading the way with the North West (11.9%), Yorkshire & Humber (10.9%) and the North East (9%) rate of annual growth.

However, following some research, it’s suggested the highest repossessed houses for sale in North East England since the start of the pandemic.  Since the beginning of the pandemic, 4,320 homes have been repossessed across England and Wales of which the North East accounts 16% of the national total and collectively, the North of England accounts for 50% of total repossessions.

With repossessions, lenders are under pressure to prove they have ‘Treated the Customer Fairly’ by achieving the best sale price possible, however, in the North East, figures show prices achieved are low market value.  On average, repossessed homes in England sell for 77% of market value.

Pandemic Repossessions

In the North East, there was 684 pandemic repossessions, with average house price of £138,370 but only an average repossession price of £74,477 meaning only 54% achieved via repo sale.

If you are a Landlord affected by this, contact us and we will put you in touch with an investor before the property gets repossessed.