Repossessed homes selling above value
In London and the South East repossessed homes sold for 10% and 7% more than their estimated valuation.
The data comes from the Arrears Management System, which lenders use to instruct suppliers in the arrears process.
Dave Ford, director at The Charlbury Group, said: “This data shows that the housing market remains robust across the UK with repossessed houses selling for an average of 5% more across the UK as a whole.
“Estimated prices seem very accurate and the increase in prices achieved shows how successful the work of asset managers and estate agents is to ensure that lenders and borrowers receive the best price for a repossessed property.”
“This data when looked at in conjunction with other regional statistics, such as the time it takes to sell properties, can really help lenders develop a sophisticated arrears strategy.”
In the East Midlands and East Anglia properties sold for 5% more than the estimated value, while in Northern Ireland and Northern England valuations were exceeded by 2% and 3%.
Repossessed homes in Scotland dipped the positive trend, selling for 2% under valuation.