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Written by Rosalind Renshaw

London auctioneer Allsop reports that over 80% of lots at its latest auction on November 12 and 13 were repossessions.

The lots, from all over the country, were priced to sell, with the auction raising £96.7m from 1,070 lots – a 91% success rate, reversing recent trends where success rates have been less than 60%.

Auctioneer Gary Murphy said: “Reserve prices were set realistically at levels that gave a wide variety of bidders a real chance of buying. Auction seems to be the only market place that’s working currently.”

Allsop’s final residential sale of the year is in London on December 15 and 17.

www.allsop.co.uk

Comments

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    Would like to hear Gary Murphy's comments on this - but of course he has a vested interest.

    • 21 November 2008 10:28 AM
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    I agree with some earlier comments - it is very concerning that Lenders are still allowing Repossession sales to take place 100's miles away from their location when they have a choice of Good regionally based and Reputable Auctioneers ( Auction House for one)who will acieve better prices and include local owner occupier bidders in the mix. Selling to property spivs in London who then resell at a big profit within weeks is an absolute disgrace - and Lenders stand accused of breaching their own,well established, code of practice which demands that they have a duty of care to their repossessed mortgagee to obtain best market price.

    • 21 November 2008 09:28 AM
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    I guess the reason why a lot of repossessed properties are snet to auction in London is simple. The chances are that head office is based in London (or the South East) and they reckon that anyone in the "sticks" are regarded with suspicion. Just my opinion of course.

    • 20 November 2008 03:30 AM
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    Gary, that is a perfect example of labour doing everything it can while doing nothing. Shows why banks are skint as well. No common sense.

    • 19 November 2008 01:17 AM
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    I'd like to ask the same question, I'd recently received an acceptable offer on a property, but unknown to us the vendor wash already going through the process of repossesion. The property was due to exchange in 10 days when we got a phone call from a compnay saying the property had been repossessed. I informed them that we had an offer nearing completion, but they said it was their policy to place properties into auction. The property went to auction in London but our purchaser did not want to get involved in this. The property was sold for 18k below the offer that we already had on the table. ???????????

    • 19 November 2008 12:44 PM
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    Why are most repossessions sent down to London for auction where they generally fetch a lower price than if sold at a local or regional auction? We recently had a repossessed property which was sold at a London Auction. The purchaser put it in our auction 6 weeks later and made £10,000 (on a £78,000 property) in a falling market!
    I thought mortgagees were under a duty to get the best price?
    Also we are asked to market a lot of these repossessions initially by private treaty at prices far higher than we recommend. They obviously don't sell because the price is too high and then are sent for auction in London where they are sold on the cheap.

    • 19 November 2008 11:51 AM
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