Auction properties sell for 39% less than market value
Latest market analysis has discovered that houses sold at auction on average sell for 39% less than the market value.
With interest rates increasing, homeowners are struggling to keep up with their mortgage payments. As a result, repossessions are increasing. In the 1st quarter of 2023, over 1,000 homes were repossessed, up 50% on the previous quarter.
As lenders want to recoup their losses as quickly as possible with a fast sale, many choose to sell repossessed properties at auction.
With increased repossessions, it's likely there'll be more property and investment opportunities available at auction.
As most auctions require a 10% deposit on the day of the auction sale and the remainder of the balance usually required within 28 days, buyers must access the fund to complete their purchase quickly.
Auction finance can ensure the purchase is completed without the risk of losing the purchase and any deposit. Up to £300k can be sourced in 3 days, £700k in 7 days and up to £250m can even be available from 14 days.
To discover the UK locations where the biggest money-saving opportunities at auction are, check out our infographic below.
References
Office for National Statistics @ bit.ly/3X86oqZ
Essential Information Group @ bit.ly/3p3PHR3
Land Registry @ bit.ly/3CraDEz
Finbri @ bit.ly/3Cp9Lk5
Inews @ bit.ly/3JcxtDK
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