LIVERPOOL estate agents Whitegates believe repossessions will remain the driving force of the auction room for at least the next 12 months, after statistics revealed that house prices rose by 1.2% in May.
Director Debbie Taylor said that, although the recent findings were positive for the property industry, there would still be an influx in the number of repossessions bought and sold at auction.
The Council of Mortgage Lenders discovered the number of people who have lost their homes this year soared by more than 50% from January to March.
Ms Taylor said: “Although repossessions are bad news for many, cash-rich investors are benefiting greatly from falling house prices and we are continuing to see properties with low reserves selling very well.”
WHITEGATES’ next auction, which has 19 lots, takes place on Thursday, June 18, at 1pm, at Liverpool Marina Club.
