Saturday, September 1, 2007

RICS worried about reposessions

Repossessions are fueling a property auction boom

The Royal Institution of Chartered Surveyors (RICS) has blamed the 32 per cent increase in auctioned properties on rising repossessions. The number of residential properties offered at auction rose by 32 per cent in Q2 2007 and RICS believed the increase was pushed by repossessions, as affordability conditions deteriorated following interest rate hikes...

Posted by converted lurker @ 07:57 AM (743 views)
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3 thoughts on “RICS worried about reposessions

  • off to the auctions we go…

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  • Repossessions take around 18 months to complete because it is the last resort on the part of the lender. The interest rate hikes this year will have played no part in any current repossession. I sadly suspect we will see at least a 200% increase on this years figures about this time next year.

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  • Free Advertising

    DONT Buy at Auction the horse has bolted

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