Thousands of homes are being sold for knockdown prices at auction as banks desperately try to offload repossessed flats. Properties worth a quarter of a million pounds last year are going for under £100,000 after families who failed to meet their mortgage were kicked out. It comes after a dramatic rise in repossession orders, with 26,200 homeowners losing their property last year alone. Lot 738, a two-bedroom flat with two bathrooms and two balconies in a gated development with communal gardens in Abbey Wood in east London fell for just £96,000. In April 2004 the flat was sold for £187,495 and the unlucky former owner could easily have expected it to be worth at least £300,000 last summer.

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