Repossessions Double in London

According to the Evening Standard the number of repossesed homes up for auction in London has more than doubled in the past year, figures show today.

In the last three months of this year 455 repossessed properties have been offered for auction, compared with 202 in the same period last year, which was when the housing market was at its peak.

Partner Gary Murphy said: “It’s indicative of how slowly estate agent sales are moving and how much banks need cash that they would rather auction properties.”

Nationally the percentage of repossessions going to auction has risen steadily over the past two years from 13.9 per cent at the start of last year to around 35 per cent now.