Repossessions in UK Witness a Surge in Demand

May 1st, 2009 by admin · No Comments

To add to the problems faced by Estate agents in UK and by the property market in general, the recent report by one of UK’s property websites highlights the growing problems faced by property owners in UK. A property website in UK that focuses specifically on repossessions has last month released a statement reporting a 7 times increase in the popularity of its website. As the website only deals with repossessions, this figure is quite alarming.

This amounts to a 700 per cent increase in website traffic for the property repossessions website in the six months period leading up to April.

The property repossession website is run by a property company that in-turn have relationship with over 1,000 Estate Agents in UK. The website exclusively offers chain-free properties that have mainly been repossessed from existing home owners due to lack of mortgage repayments on their properties. The properties being sold on the website are heavily discounted and have been priced to sell. The 700% increase in six months only goes to show that homeowners are facing a harsher time than ever before.

This further shows the current climate in the property market in UK. Although a recent report has also shown a slight improvement in property sales over the last 3 months, it may still be quite long before the property market is back to normal again. Estate agents in UK are still finding it hard to work profitably in the current market conditions.