Despite Government promises to help keep people in their homes in the downturn, repossessions are soaring. More than 100 homes a day are being seized by lenders - that’s a massive 50 per cent up on last year and the highest level since the early Nineties.
But as RICHARD DYSON explains, not everyone is a loser.
The investors - making a killing
The dinner-jacketed staff are welcoming, the sales patter slick, the surroundings plush. Welcome to the first auction of repossessed homes by American firm REDC (Real Estate Disposition Corporation).
Tempted by the growing number of home repossessions in Britain, REDC launched its UK arm, auctiontoday.co.uk, last month to offer a ‘wide selection of properties at auction prices’. More than 400 homes are listed on its website - all repossessions.
The function room at the Hilton Hotel in Gateshead near Newcastle upon Tyne is packed with eager bidders keen to pick up a bargain.