1. Home page
  2. Our blog
  3. London Worst for Repossessions

Our blog

London Worst for Repossessions

More properties in the UK are being repossessed within city centres than anywhere else in the country, and London is the worst hit for repossessions.

According to estate agent Spicerhaart’s research, London has the greatest number of repossessions for the first quarter of 2010. There are 66% more properties taken into possession than Birmingham which is the second-worst hit city in the country.

One reason that London has a high number of properties being repossessed is because of the high property prices and in order to buy property borrowers can sometimes overstretch themselves. As a result many people are unable to pay their mortgage repayments and their property gets repossessed.

The top five cities in the UK with the highest number of repossessions are as follows:

1. London

2. Birmingham

3. Manchester

4. Liverpool

5. Belfast

Mark Pilling, managing director of Spicerhaart Corporate Sales commented:

"Repossession numbers continue to rise in city centres where home owners have been hit hard by unemployment, increasing inflation and falling house prices.

In order to help homeowners sell their property as fast as possible it is really important that you contact The London Property Buyers quickly so that we can manage your property efficiently and get you the best possible price for your property today.

If you are looking to sell your property quickly, then contact The London Property Buyers NOW on: 0800 879 9889

Add comment

Leave a Reply

View comments