Repossessed homes increasingly sent to auction

Posted: 18 Dec 2008 12:58:14 GMT

            Property News - Repossessed homes increasingly sent to auction

The number of repossessed homes sent to be sold at auction has doubled in the past year, recent research has shown.

The latest figures from auction experts EIG show that the number of repossessed homes now sold at auction jumped to 455 in the past three months, up from just 202 in the same period in 2007.

Crucially, perhaps, the number of homes available at auction saw a massive 53 per cent jump just between this quarter and the one previously, highlighting the effect of the collapse of the banks during the autumn.

Speaking to the Evening Standard, EIG partner Gary Murphy said: "It's indicative of how slowly estate agent sales are moving and how much banks need cash that they would rather auction properties."

Homeowners hoping to sell their own properties in order to avoid negative equity or the threat of repossession may find it easier to sell a home online.

Selling a property online could attract more potential buyers than via traditional methods, and save buyers and sellers money.

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