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Repossessed homes sold at auction soar
The number of repossessed homes being sold at auction has soared to levels last seen during the 1990s house price crash, an auctioneer said.
Europe's biggest residential property auction house Allsop said almost 40 per cent of all the homes it was currently putting under the hammer were properties that were being sold by banks and building societies that had repossessed them.
The group said its February catalogue had 410 lots, around 38 per cent of which were being sold by lenders, double the proportion for the same time last year.
It added that between 40 to 50 per cent of properties that had been put up for auction at its last three sales were repossessed homes.
Gary Murphy, a partner at Allsop and an auctioneer, said: "It is the largest proportion we have seen since the 1990s.
"The rise in repossessions is down to the fact that borrowers are having difficulties repaying their loans and a large proportion of these are buy-to-let investors who failed to appreciate the pitfalls of property investment."
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Saturday 11 February 2012
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