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.
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