Repossessed homes selling for above market value: Spicerhaart

This figure is up from an average of 96.73% in the preceding three months to the highest figure seen in nine months.

On a property worth £150,000 that is an extra £11,340.

Dave Miller, client account manager at Spicerhaart Corporate Sales, said: “While having to take someone’s home into possession is never ideal, achieving a sale quickly and raising the maximum amount for it potentially means more money for the borrower, more quickly.

“It is a myth that repossessed homes are sold off cheaply. We have a duty of care to get the best possible price for a repossessed property and in March this year, we have achieved an average sale price of 104.29% of the market value – the highest since June 2018’s peak of 107.20%. Achieving a sale of more than the property’s market value is a real benefit to the borrower.

“The market was quite slow towards the end of 2018, but things are now starting to pick up, so, by taking advantage of the current levels of demand for properties throughout the country we are able to get the best price for both the borrower and the lender.”