UK Money News
3rd March 2008
Auctioneers see rise in repossessions
Auctioneers sold off more properties in the final months of 2007 than during the same period a year earlier, figures have shown.
Research from the Royal Institute of Chartered Surveyors (Rics) recorded a 20 per cent rise in repossessed properties going under the auctioneer's hammer.
Rics fears that the number of repossessed properties could increase still further this year as credit becomes less affordable.
Overall, auctioneers sold fewer properties with 57 per cent of lots selling compared to 69 per cent in the last quarter of 2006.
"Fears over further house price falls have taken some stimulus out of achieved sales at the auction house as specialist lending has all but evaporated," said Rics economist Oliver Gilmartin.
"While lots offered at auction have stabilised, we expect a tougher year for many at the margins in 2008 as mortgage providers become more selective.
"Whilst tightening credit conditions will be most acute for those with a poorer credit history, less generous loan amounts and the introduction of some upper limits on loan advances could equally hit the mid-tier of the market, increasing the number of properties languishing on auction property books," he added.
The Bank of England makes its interest rate decision this week with most analysts expecting a hold. Homeowners though, will be hoping for another cut.
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