Repossessions almost double in Q3

Posted: 23 Jan 2009 09:45:46 GMT

Research from the Financial Services Authority (FSA) has shown that the number of repossessions recorded during the third quarter of 2008 has increased by almost 100 per cent year-on-year.

Q3 saw 13,161 repossessions, according to the FSA, compared to a figure of less than 7,000 in the same period during 2007.

Chris Glenn, divisional managing director of property auction house Barnard Marcus, suggested that the repossessions could offer first-time buyers benefits, as they could obtain homes at a discount.

He commented: "The properties offered by auction will have a full legal pack available in advance of the auction.

"This can be viewed by a buyers solicitor quickly and any issues identified at the outset rather than becoming apparent at a later stage in the transaction."

Homeowners, however, may be thinking of downsizing in order to reduce their exposure to high mortgage repayment rates and therefore to the risk of repossession.

Those people hoping to achieve the best price possible for their home could benefit from putting their property online, which could attract more buyers than a typical estate agent's window.



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