The first few days of the New Year have seen mixed news for homeowners and landlords across the UK. The number of repossessed homes sold through auction has dropped markedly over the whole country. This is despite the fact that figures show repossessions are still taking place in record numbers.
The auction figure has shrunk by fifty percent over the previous twelve months. However, this decrease is not yet reflected in the repossession rate.
Auction specialists have suggested that in some cases this may be because people are opting to sell the properties in a more discreet manner i.e. through estate agents. It seems that some government owned or sponsored banks (and which ones are not these days?) realised that the repossession and selling of family homes was a sensitive issue politically and decided to be more low key about it. Very sensitive of them.
It is true, though, that Banks appear to possess fewer residential properties right now than they have at any time in the preceding twelve months.
Even so, it has been noted that repossession rates do not seem to gel with the recently released property auction figures. Repossessions are shown to be still rising with just the auctioning of them down.
Let’s hope that the rise in repossessions is reversed soon.
