September 3, 2007
Property repossessions rise
There has been a rise of 32% in the amount of properties being put up for auction in the second quarter of 2007. This increase is due to the amount of repossessions that are taking place as interest rates begin to bite making it very difficult for some people to keep up the mortgage payments.
In figures according to the Royal Institute of Chartered Surveyors there were 5,120 residential properties sold through auctions, this figure is the highest for this type of sale in over two years, it is also a 22% rise on the previous quarter.
But this trend is set to rise even further and is estimated to reach in excess of 45,000 for the year 2008, if this figure is divided down it would work out at about 124 repossessions per day.
At the last quarter the highest concentration of repossessions and therefore sales at auction is in the north west of England with a figure of 826 going through the repossessions to auction process.
Source [House Fund]
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