Information on repossessed properties at auction
Contrary to popular belief the vast majority of repossessions never make the auction room.
In the first instance the Bank or asset manager will try and sell them through normal estate agency channels and only look towards auctions if they still are unsold after trying for several months.
If there are severe legal or structural problems with the properties though they may well go straight to auction.
For many years prior to 2007 the average % of repossessions coming to auction was around the 10% mark. It peaked in Q3 2008 at the height of the financial crisis but quickly fell away after that.
Currently auctions are seeing about 6-7% of all repossessions coming to the room.
EIG October Newsletter - Essential Auction News
Welcome to the October newsletter that looks back at auction activity in September and preceding periods. I am pleased to report on a strong set of auction results, with 3,793 lots offered across 162 auctions (up 4% on September 16). The gavel fell on 2,857 lots, up almost 9% on last year, whilst total revenues exceeded £451M
Join 'The Great Landlord's Debate' at The Property Investor Show
Chaired by David Sandeman - The timing of this debate could not be more judicious! Just this past week, the Government announced a whole new raft of plans to further regulate the private rented sector. Expect top tips on letting and property management from the industry experts taking part. This is your chance to hear what our panel think and have YOUR say!
David Sandeman invited to present at Blackfriars Property Investors Network (PIN)
The Blackfriars PIN host - Fraser Macdonald, welcomed EIG's David Sandeman to present to the group on 'How to buy at Auction'. At this PIN evening seminar David went on to share how to avoid the classic mistakes which can save you a fortune when buying at auction.