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Repossessions driving the auction room

Thursday, 26 March 2009 3:38 PM

Liverpool estate agent Whitegates are hoping to further expand on their auction portfolio next week after new research revealed home repossessions were up by two thirds.

The company, headed by Victoria James and Debbie Taylor, will hold its second auction of 2009 on Tuesday, following statistics published by the Financial Services Authority (FSA) showed the number of repossessed homes increased by 68 per cent in 2008.

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, 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.

Whitegates Auctions will be holding their next auction at Liverpool Marina and Harbourside Club, Coburg Wharf, Sefton Street at 1pm next Tuesday, March 31st.

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