Saturday, Sep 02, 2006

Last one out switch of the light..if you can afford the energy saving bulb

Firstrung: The miracle economy - credit action stats. for 1st September

One person is falling victim to insolvency every minute of the working day - 26,021 people became insolvent between April to June 2006 which is a 66% increase on the same quarter last year. The number of people becoming insolvent in 2006 is likely to exceed 100,000.

Posted by converted lurker @ 09:12 AM (536 views)
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1. Titch said...

An Estate Agent told me last weekend that his company handles 40% of repossessed properties UK wide. Currently, they are having 40 referrals A DAY! Even I can do the maths that estimates repossessions are running at about 100 per day. Lots of sad stories I suggest. In addition, I went to a house auction in August. They advertised a forthcoming auction that was extra to their normal schedule. The catalogue suggests that the 130+ properties in the auction were all repossessions for the Halifax. Some seem to be very new build and so unlikely to attract home improvers as there is little value to be added. A quick comparison of "guide price" to the price that the properties last sold at indicates they are being offered at about 70%. One property sold for 499K in 2004. Its guide price is...250K!!! Even if the guide price is the starting point the auction is going to be a long one if the bidding is to go up 250,000. Experience suggests that the final selling price is +20% of the guide although at the last auction nearly a third failed to reach reserve, some by a fair margin. For example, highest bid of 150,000 and reserve ( you can download the details the day after the event) was 170,000.

Sunday, September 3, 2006 10:28PM Report Comment

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