Repossessed Houses

As each property is unique and each situation can be different, there isn’t a definitive answer when trying to answer the question “how much should I offer on a repossessed property?”.

However, using historical data and trends, we can guide you on the steps you need to take to determine your offer price.

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There are many stages and factors to consider in the process of buying a repossessed house in the UK. Here, we’ll outline the process from start to finish whilst detailing how long it takes for a repossessed house to be sold.

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As lenders are primarily motivated to regain monies owed to them, repossessed houses can be picked up significantly below market value, making them a good idea for many buyers to pick up a bargain. However, repossessions do come with potential risks, so it is essential to educate yourself on how to overcome these risks and be careful and considered when making an offer.

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In the below we’ll look at how many mortgage repossessions there were in 2022. Using the latest government data, we’ll summarise the key highlights and changes from previous periods.
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