Property auctions 'can offer good deals' - buy to let mortgages

19 January 2009

Holders of buy to let mortgages could pick up a "bargain" at property auctions because of the high level of repossessions currently taking place in the UK, it has been suggested.

Paul Mooney from Savills has noted that there are some good deals to be found at such events, providing that purchasers can save up a "decent" deposit and be approved for a loan.

"People have got difficulty getting their hands on money but we are still selling 70 per cent plus of what we are putting to auction and every auction is still very busy," he remarked.

Many properties being made available are now much cheaper than they have been over the past few years, largely due to the amount of repossessions being seen, Mr Mooney stated.

According to the Essential Information Group, the total amount raised at property auctions stood at £300.99 million in December.

There were 3,189 lots on offer during this period, the organisation revealed.