Auctioned homes down by 25%

Grovelawn Financial News 10/09/2008

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Buyers snap up bargins

The Liberal Democrats have released figures to show that the value of houses sold under the hammer at auction over the past 12 months has fallen by almost a quarter.

The Liberal Democrat Treasury spokesman, Matthew Oakenshott said that the figures showed “how fast prices are falling at the sharp end. The consensus view is that the decline in house prices over 2008 and 2009 will be around 15 to 20 per cent. Property professionals are now factoring in this fall when buying”.

James Hewson, Managing Director of Grovelawn Financial Services said “we are speaking to many people who are attending auctions on a regular basis and snapping up homes caught up in divorce battles. The owners are finding it harder and harder to attract buyers and when they do they are often gazundered or simply let down at the last minute. There are many buy to let investors who are finding that if they have the cash to put down they are able to pick up some great bargains”.

The average price of the homes sold at auction between June and August 2008 was £130,400 a drop of 23.4 per cent on the same period in 2007.

Michael Coogan, Director general of The Council of Mortgage Lenders said “Lenders must see repossession as a last resort.

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