The firm which runs the Arrears Management System, which lenders use to instruct suppliers in the arrears process, has revealed that repossessed houses in Wales and the West midlands take almost twice as long to sell as those in the south east.
Commenting, Dave Ford, director at The Charlbury Group, said: “This information provides an interesting snapshot of the regional variation in selling repossessed properties.
“This type of information provides lenders with a realistic expectation of timeframes and can help craft regional arrears strategies and manage the expectations of everyone in the process.”
