Allsop Residential have announced a special two-day auction of repossessed residential property, to take place place on the 12th and 13th November at the Cafe Royal and the Cumberland Hotel respectively.
The auction will feature 400 lots to be offered on behalf of a variety of mortgagees over the two days.
This auction is in addition to their previously scheduled two-day residential property auctions. The first, on October 30th and November 3rd, has some 500 repossessed properties listed. What is expected to be their final auction of the year, to be held in London on 15th and 17th December, is also expected to include a large number of repossessions.
This auction emphasises the rapid acceleration in the numbers of repossessed properties ending up at auction which has been taking place in recent months. According to Stephen Rose, Debt Advice Bureau director and founder of in:specie™, “Continued tightness in interbank lending and expectations of further sizable falls in property prices in 2009, particularly as the recession bites, mean cash-strapped mortgagees are looking to get what they can as fast as they can”.
Which means as long as the banks need the cash, the flow of repossessed properties to auction should continue. However, should interbank lending free up then, once the balance sheets of the lenders begin to improve, the need to sell fast will disappear. When that happens, it would be reasonable to expect lenders to be more selective about what repossessed properties they sell through auction.
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