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The Masked Tulip

Repossessions Rising As Investors Decline Offer Of Homes Sold At Auction

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Trouble ahead as homeowners face a tough credit environment and reduced mortgage competition

THE number of investors in Wales buying at auction has fallen, with blame attributed to tighter lending conditions and greater uncertainty over the outlook for house prices.

At the end of last year, just 47 per cent of properties fell under the auctioneer’s hammer in Wales compared to 64 per cent in the same period a year ago, according to the Royal Institution for Chartered Surveyors’ residential auction figures.

Cathy McLean, director of RICS Wales, said, “Fears over further house price falls have taken some stimulus out of achieved sales at the auction house as specialist lending has all but evaporated.

“While lots offered at auction have stabilised, we expect a tougher year for many at the margins in 2008 as mortgage providers become more selective.

“While tightening credit conditions will be most acute for those with a poorer credit history, less generous loan amounts and the introduction of some upper limits on loan advances could equally hit the mid-tier of the market, increasing the number of properties languishing on auction property books.”

http://icwales.icnetwork.co.uk/news/featur...91466-20625557/

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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