September 25, 2011
The Gavel Falls Hard On Repossessed Property
Last month saw an increase in the number of repossessed properties sold at auction mainly to buy to let investors. Approximately 20% of the lots sold were repossessed properties.
449 repos lots were offered in August in comparison to a hundred less in August 2010.
Director for specialist lender ‘Auction Finance’ said “It is likely that more repossessed properties will be sold in the auction room towards the end of the year and into 2012.
“We’re experiencing an increase in demand for finance as property investors snap up homes going under the hammer. With repossessions, lenders want to achieve a sale quickly and therefore there are opportunities to buy properties at a low price.”
