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 June Newsletter - Essential Auction News
Welcome to the June newsletter that looks back at auction activity in May and preceding periods. Whilst the UK wakes up to the unexpected news of a hung parliament and what will surely lead to turbulent times ahead for UK politics, I am pleased to report on a set of auction results that are largely strong and stable!
Join EIG at the National Landlord Investment Show
Join us at the Landlord Investment Show on Thursday 15 June 2017 at London Olympia. EIG will be at the show helping visitors looking for advice on the property investment opportunities available at auction and giving tips on what to look out for. Pre-register for fast track free entry and check out the full schedule of free seminar events where you can learn from a panel of experts.
The benefits of using EIG to a new property developer
We appreciate hearing feedback and here this new member shares his experience; "As a research tool, the site is invaluable for a new developer like me, as it allows you to get a good feel for auction market dynamics, especially by looking at unsold lots, or lots being offered for the second or third time at auction."