Home Repossessions Increase Number of Houses Sold at Auction
The number of residential properties offered at auction rose by 32% in Q2 2007, the Royal Institute of Chartered Surveyors (RICS) has said.The increase was pushed by repossessions, as affordability conditions deteriorated following interest rate hikes, said the RICS research.In the second quarter of 2007 there were 5 120 residential properties sold at auction, the highest number of sales in over two years and a 22% rise on the previous quarter. RICS estimates that houses sold at auction will continue to increase to in excess of 45 000 in 2008, amounting to 124 repossessions per day.
The highest concentration of auction activity took place in the North West of England, where 826 properties were sold. The North West has seen the biggest quarterly pick up in repossession orders of any UK region and has also seen the largest number of repossession orders outside London six months prior, which may be now materialising into actual repossessions.
Merseyside previously saw a particularly acute rise in growth in repossession orders during Q4 2006 rising by 60% on the previous year.
RICS economist Oliver Gilmartin said: "With the full impact of interest rate rises in 2007 yet to filter through into higher mortgage costs we continue to expect a rise in the number of homes going under the hammer into 2008.
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