Whitegates Prepare For Auction As Statistics Reveal Reposession Increase

April 9, 2009 - PRLog -- The company, headed by Victoria James and Debbie Taylor, held its second auction of 2009 on Tuesday March 31st, following statistics published by the Financial Services Authority that showed the number of repossessed homes increased by 68% in 2008.

As the economic climate left thousands struggling to pay off their mortgages, lenders repossessed a total of 46,750 properties during the year, up from 27,900 in 2007.

Director Debbie Taylor of Whitegates said: “This recent increase proves that repossessions are becoming the main driving force of the auction room.

“Property prices at auction are currently running around 30 per cent cheaper than those on the high street and a large proportion of these properties are repossessions.”

Property auction website bible, The Essential Information Group (EIG), said the number of repossessed properties at auction has increased by nearly 400 per cent compared with four years ago.

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