More homes to go to auction |
30 2008 |
| Buyers looking for a cheap property should turn to the auction houses of Britain, it has been advised, as the average price of a property through auction reaches just £123,209. As the number of repossessions rise throughout the year and with estate agents failing to sell large numbers of properties the chances of more property going under the hammer is increasing, says David Sandeman, managing director of the auction monitor company EI group. Speaking with the Independent, Mr Sandeman said: "Bankers and asset managers are realising that there is little point putting repossessed properties in an estate agent's window because the appetite to buy on the open market has reduced so hugely, so they will increasingly be looking to off-load through the auction houses." However, despite lower prices the availability of mortgages is still low and many are finding it hard to be granted a mortgage without a 15 per cent deposit. Many who would otherwise be first-time buyers are now looking to rent, as the attraction of owning property wears off.  |
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