|
|
Due to the severe economic crisis more and more properties are being auctioned – many of them repossessions. Latest figures from the Financial Services Authority show the number of homes seized in the three months to June was 71% higher than in the comparable period last year.
Potential first-time buyers, are wondering whether prices have fallen enough to make now the time to take the first step onto the ladder. They begin the search by browsing web-sites and looking in agents’ windows, but soon begin to realise there could be another way: buying at auction. The auction catalogues provides a large choice within each buyer’s price bracket.
A one-bedroom first-floor flat in Kilburn, in the northwest of the capital. Located in a quiet, well-to-do road of pastel terraces; was repossessed in January according to Savilles which was auctioning the property.
There were two other properties in southeast London, starting with a first-floor flat in Camberwell, just by Loughborough Junction station, another repossession, with a guide price of £75,000, the flat, snapped up for £70,000 (£5,000 below the guide price),
Other property to be auctioned was a lower-ground-floor flat in Brockley, a short drive to the southeast. It was on Wickham Road, a beautiful street lined with oak trees and impressive Grade II-listed homes. A five-minute walk from Brockley station (a stop on the East London Line extension, due to open in 2010), the flat was in a Victorian brick house with a red staircase.
The Allsop auction, one of four being held by the company in the space of two weeks, with more than 1,000 lots – about 80% of them are repossessions. The ground-floor flat, in Crystal Palace, southeast London, repossessed in the summer, was to be sold at auction by Allsop. The flat is spacious, with one decent-sized bedroom and a tiny second one, exceptionally high ceilings and big windows. This property in Crystal Palace prompted a fierce round of bidding between four buyers, going up in £1,000 bids so quickly, It eventually sold for £109,000.
Gary Murphy, the auctioneer says :”Its just like the old days, there were more private buyers than at recent sales, particularly in the southeast. Owner-occupiers, first-timers, would-be second-home owners and investors fought against the professionals.” |
|
|
| Buying a
property |
List All |
|
|
|
