Repossessed Property News

new inner city apartments in auction catalogues at bargain prices (February 11, 2008)

Firstrung, first time buyers, the week in focus

The most prominent housing related news of the past week was the latest repossession figures issued courtesy of the CML. The figures were in some ways greated warmly by the CML; as they were not as bad as previously predicted. However, the CML have warned that the figures could rise to as high as 50K in 2008...

Now these figures must be measured within the context that there is currenty no economic downturn and the property market has only just 'turned'. Interest rates are still at historically low levels, there is more leniancy being shown by lenders and courts in relation to defaulters than in the past and there is a host of imaginative schemes enbabling mortgage customers in arrears to sell and lease back their property.

On the subject of repossessions an auction in Central London provided gripping entertainment during the past week. The lots were mainly repossessions on behalf of HBOS and some of the hammer prices were fascinating. Purpose built apartments fared very badly, in most areas of the UK the prices collapsed, some only reaching 2001 prices or first release comparable prices. Perhaps first time buyers could do a lot worse than look for nearly new inner city apartments in auction catalogues at bargain prices for a foothold onto the ladder.

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