Repossessed homes are being marketed at an average discount of more than 30% compared with the wider housing market, according to research from House Buyer Bureau.

The analysis identified an estimated 1,442 repossessed properties currently listed for sale across England.

Chris Hodgkinson, Managing Director of House Buyer Bureau, said: “What these figures also demonstrate is the potential financial cost of allowing a property to reach repossession.

“With repossessed homes currently being marketed at an average discount of more than 30% compared with the wider market, and by almost 38% in London, homeowners facing financial difficulty should consider their options as early as possible.”

The South East and North West account for the largest shares, each representing 18% of the national total. The East of England accounts for 14%, followed by Yorkshire and the Humber at 11%.

Across England, the average asking price for a repossessed property stands at £177,157, 30.4% below the wider national average house price of £254,460.

The largest gap was recorded in London, where repossessed properties are being marketed at an average 37.9% below the capital’s wider average. The South West follows at 32.9%, ahead of Yorkshire and the Humber at 31.7%, the North West at 31.2% and the West Midlands at 30.1%.