Guest article from David Sandeman: Repossessions at Auction up 85%

publication date: Nov 24, 2008
author/source: Guest article from David Sandeman

Recent figures released by the CML (Council of Mortgage Lenders) show that repossessions are up 12% for the 3rd quarter of 2008 when compared with the same period last year.  The figures however for repossessions being offered at auction have seen a much more dramatic rise. In Q3 2007, 1,187 repossessions went to auction, however in Q3 2008, 2,185 were offered, a rise of 85%.
David Sandeman, Managing Director of Essential Information Group, the property auction analysts, commented, "the dramatic rise in repossessions at auction is the combination of two factors, the slowing housing market in the UK and the increasing desire of Banks and Building Societies to liquidate their repossessed stock."

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Please Note:-
The views expressed in this article are of David Sandeman and not necessarily agreed with or supported by Designs on Property Ltd.


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