Distressed market ushers in hammer time, says Whitegates

Liverpool estate agent Whitegates is aiming to capitalise on the number of repossessed homes hitting the market at its next auction later this month.

The latest figures from the Financial Services Authority show the number of repossessed homes increased by 68% in 2008, to 46,750 properties.

Debbie Taylor, director 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% cheaper than those on the High Street and a large proportion of these properties are repossessions.”

Whitegates Auctions’s next sale will be held at Liverpool Marina and Harbourside Club, Coburg Wharf, Sefton Street at 1pm on Tuesday 31 March. Contact 0871 230 0750 or visit http://www.whitegates.co.uk/