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As we know from our previous article, repossessed houses in the UK have some clear benefits such as a fast sale and the potential of high levels of savings against market value, typically up to 30%.
With experts forecasting that repossession rates in the UK will continue to rise in 2023, now is the best time to source repossessed properties via Repossessedhousesforsale.com.
In this article, we’ll look at the top 16 most expensive cities in the UK and their latest repossession rates where we’ll find key hotspots for investors looking to buy repossessed properties at below market value.
Last month, gov.uk released the latest batch of mortgage and possession figures which covers October-December 2022. We’ve already reviewed the data for 2022 in our latest blog post but here we’ll deep dive further into selected key cities.
It’s no surprise that London and Birmingham top the list with the highest number of repossessed houses for Q4 2022 due to the sheer size of the cities, with 96 and 22 repossessions respectively. However, we can see that Cardiff, Liverpool and Newcastle make up the remaining top 5 in terms of number of repossessions in the period.
When looking at YOY changes vs Q4 2021, Newcastle and Portsmouth boast the highest relative change with both cities reporting a 400% increase on repossessed houses in the areas. Other cities with more than double repossessed houses YOY include London (+159%), Cardiff (140%) and Birmingham (+100%).
Some smaller, more expensive cities which previously recorded no repossessions are now reporting numbers towards the end of 2022 which include Southampton (3), Oxford (1) and Leicester (1).
When ranking the cities on an index vs population size, Cardiff and Newcastle rank first and second with 12 and 10 repossessions respectively, providing a wide range of choices for investors looking to invest in repossessed properties in these areas.
With the number of repossessed properties in the UK predicted to rise in 2023, investors will have a much wider choice of below market value deals to choose from this year.
In terms of having the best chance of finding a good deal in the UK, we’ve seen from the above that Cardiff and Newcastle have the highest proportion of repossessed properties vs their population size, providing investors with a wide range of choice when trying to find the best deal.
However, we’ve also seen that Southampton, Oxford and Leicester have recorded repossessed properties where they didn’t this time last year, thus boosting competition in areas where below market value deals are rare.
[repo_properties_location location=”cardiff””newcastle””southampton””oxford””leicester”]
