Tuesday, Dec 09, 2008
Cut-price repossessions 'force house prices lower'
telegraph: Cut-price repossessions 'force house prices lower'
Banks are reinforcing the house price crash by selling repossessed properties at knock-down prices, estate agents claim, as their rate of sales drops to less than one a week, their lowest in 30 years.
Stuart Auckland, of the Royal Institution of Chartered Surveyors, based in County Durham, said: "Repossessions are selling for competitive prices at considerable discounts over neighbouring properties."
Banks sell repossessions through a restricted number of estate agents, who may not even be local. The property may then be sold through the agent’s window or at auction.
Posted by mark @ 02:27 PM (502 views) Add Comment
5 Comments
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1. need-a-crash said...
"Banks are reinforcing the house price crash"
Isn't it wonderful to see those 3 words in print!!
2. symo said...
I believe (and said with a certain ammount of schaldenfreude) "It's supply and demand stupid".
Simply there is no more credit so all the 2nd homes and Buy to let are going pop.
3. 51ck-6-51x said...
What are these agents whining about? Sales are sales and a wise agent would get themselves involved in the transactions to take a cut (after all that's all any agent does).
4. inbreda said...
At least estate agents should now find it easy to estimate the market price of a home, and therefore to market it accordingly.
5. braindeed said...
This is someones personal disaster....selling cheap to school-chums is dishonest. And illegal, surely?