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A strengthening pound, favourable interest rates, exponential capital growth and high yields make repossessed houses in London an exceptional opportunity for investment.
It is common knowledge that house repossessions in London can feature some of the best property deals the UK has to offer, often being purchased around 30% below market value. Considering average property prices in the capital are a staggering £661,921 (Rightmove, 2020), the opportunity to locate below market value repossessions in London enable our clients to enter the market with larger equity stakes in their asset from day one, establishing themselves within internally acclaimed capital growth location.
Despite the booming property prices, repossessions are still very present in London. In fact, research from the ‘Trust for London’ revealed that London is at the epicentre for UK repossessions with the highest rates in the country. Below is a graph showing how all areas of London predominantly exceed the national average for repossessions per 1,000 households (2019/2020).
Repossessed properties in London boroughs (2019/2020)
The Future of Repossessed Houses in London
Although not an encouraging prediction, the amount of repossessed houses in the London area may well increase in the coming years. There could be a number of reasons for this. Firstly, the consistent increase in property prices does not reflect on the average salary – ONS revealed that property prices have increased by an average of 7.7% year on year from 2009, while average wages have increased by just 1%. This indicates that those that live and work in London may be somewhat financially stretched with the mortgage payments for their property. As property growth continues to exceed the average salary growth, repossessions within London are most certainly projected to rise.
Repossessions fluctuate on a regular basis, yet such changes in the market are not always easy to predict. Throughout history major economic and political events have altered the market in profound ways. It is no surprise that the continued ramifications of the 2016 Brexit referendum and the inescapable presence of an international pandemic are influencing the market as we speak. Despite successive annual reductions in repossession figures, experts are warning homeowners to brace for continued pressure on real incomes and rising interest rates.
Whilst turbulent times are ahead, our sourcing team continually uncovers London’s highly desirable repossessed properties, providing our clients with exclusive access to some of the most highly sought after repossession investment opportunities in the country.