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Property Repossessions Fall As Prices Increase

Property Repossessions Fall As Prices Increase

Property Repossessions Make Great Investments

Latest figures from the Land Registry show that property repossessions have dropped in every region of the UK with falls in the past year ranging from 10 – 39% whilst property prices have continued to climb.

The December 2013 data from Land Registry’s House Price Index (HPI) shows an annual property price increase of 4.4% which takes the typical average property value in the UK to £167,353.

The monthly change from November to December 2013 showed a property price increase of 1.1%.

But behind the good news there is a large North-South divide in property repossession volumes, with the number of property repossessions far greater in Northern England than the number of repossessions in the South, even after the recent falls.

Property repossessions are a fantastic opportunity for would be property investors as the mortgage lender in possession of the property are only seeking reimbursement for their initial mortgage outlay, presenting below market value (BMV) opportunities for investors.

Repossession volumes decreased by 31% to just 1,129 in October 2013 compared to 1,636 property repossessions in October 2012.

The UK regions with the greatest fall in the number of repossession property sales were the East Midlands and the South West.

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The Halifax have revealed that the end of the stamp duty holiday and a rise in first-time buyers rushing to jump on the property ladder, helped push up UK residential property values by 2.2% in March.

The lender said property values averaged £163,803 in March 2012

The average residential property value was 2.2% higher than in February but still 0.1% lower on a quarter-by-quarter basis and 0.6% down on 2011 property values.

Halifax housing economist, Martin Ellis, said: “Efforts by first-time buyers to beat the expiry of the stamp duty holiday at the end of March have probably increased sales in recent months and may have helped to support prices.”

Research by the bank revealed that around 4 in 10 first-time buyers benefited from the stamp duty concession before the threshold for stamp duty fell from £250,000 to £125,000 at the end of March 2012.

The HMRC have confirmed the number of residential property sales in January and February was 14% higher than in the same period of 2011, its highest level since 2009.

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