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Sharp Increase in Repossessed Homes at Auction
With the number of people facing financial difficulty on the rise, coupled with the state of the UK economy, the number of repossessed homes sold at property auctions has increased sharply. Properties are being snapped up way below the market price, with some auctioneers claiming to offer repossession properties up to 40% below the normal selling price.
Leading UK property auctioneers, Allsop claim there is a notable increase in the number of properties being auctioned. Allsop state that the number of properties offered at auction has increased in 2008 whilst the overall price has reduced dramatically, a sign that sellers are looking for quick sales.
Allsop state that around 80% of auctioned properties in 2008 were repossession properties. This large figure has since fallen. This fall is mainly due to government action taken on mortgage lenders to reduce the level of repossession and look for ways to avoid repossession. However, Allsop expect the figures to increase again and more homes to be repossessed over 2009.
Allsop also predict that the number of repossessed homes will not fall for some time and the main source for these repossession houses will be the property auctions. They predict this year will be quiet for the retail property sector but cash buyers will always be looking to pick up bargain repossessed homes.
Allsop suggest that people often go to auctions to buy cheap properties and they often leave after finding exactly the repossessed home they were looking for at a bargain price.
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