Repossessed properties sold for 60-70% of their true market price, GB average of 63%.
Northern Ireland has been the foremost affected, wherever repossessed properties sold for approximately 42% of their true market price.
The sale price will need to not only clear your mortgage/loan balance, but also the arrears including those after repossession, all lender costs such legal fees and costs relating to the sale of the property.
If the reduced sale price doesn’t clear all of these, then the lender may seek to recover the deficit for up to 12 years after the property sale, or sell the debt onto a relentless recovery agency.