Buying Repossessed Property in the UK: Pros, Cons and Process

In short: Repossessed homes are sold by lenders, either through estate agents or at auction. Lenders have a duty to obtain the best price reasonably obtainable, so discounts are usually modest and reflect condition and the need for a quick, certain sale. Properties are sold "as seen", often with no seller information forms, so surveys and legal checks matter. Expect to move quickly, with finance in place. Repossessions are less common now than after past downturns.