14,000 sell homes at a loss in West Yorkshire (From Bradford Telegraph and Argus)

14,000 sell homes at a loss in West Yorkshire

12:00pm Thursday 28th February 2013 in News

Around 14,000 families in Yorkshire and Humberside have sold their homes at a loss since 2007.

Research by housing investment and shared equity provider Castle Trust shows 48 per cent of properties were sold at a loss between January, 2007, and January this year, with the average shortfall £20,761 – 13.9 per cent of the house price. Over the same period, 48 per cent, or 13,661 homes, sold for a profit generating an average return of £26,707 per transaction.

Sean Oldfield, chief executive officer of Castle Trust, said: “Since the downturn around 14,000 families in Yorkshire and Humberside and 130,000 families across England and Wales have made a loss on their home placing them under enormous financial and emotional pressures.

“When you take into account the costs associated with moving home, from stamp duty to solicitor’s fees, this situation becomes even worse.”