View more on these topics

Repossession sales push housing activity up 10%, says AMG

Sales of repossessed properties have increased significantly compared with this time last year, asset management firm The Asset Management Group claims.

AMG witnessed a 10% increase in houses ‘under offer’ in the first two months of the year. This jump returns activity levels to those last seen in 2005.

Simon Matthews, managing director at AMG, says:”I think that this is a positive sign for the market and will help with the underlying confidence that there is still life in the housing market.

“This year the CML predict some 75,000 repossessions in is certainly a cause for concern but at least there is activity and the stock is moving which is fundamental to a recovering market. I believe another reason for the increase in activity is that there is not a huge amount of general housing stock coming onto the market and so proportionally, repossessed homes are a higher percentage of those properties available.”

He adds: “Additionally, this growth may be due in part to the fact that repossessed properties are often purchased for investment purposes as a buy to let. With savings rates returning such a low yield and a relatively strong rental market this is becoming more attractive alternative for investors.

“For those borrowers for whom the property is being sold, although the sold price is still short of initial valuations at least properties are being sold and not merely left dormant and increasingly dilapidated for protracted periods of time.”

Recommended

Time to give affiliate marketing a try

A debate that always takes place when times are hard surrounds marketing – do you bin your marketing budget to cut costs, cut it, leave it as it is or even up it, which will keep your name in the public eye and, the argument goes, generate a slingshot effect when the market rebounds?

Chelsea reports a loss before tax of £39.3m

Chelsea Building Society made a loss before tax of £39.3m for 2008 as it emerges as the latest mutual to shoulder the costs of the Icelandic banking crisis.

PMS launches large loan service

PMS has launched a new commercial partnership with specialist broker largemortgageloans.com to deliver a large loan referral service for PMS members.Largemortgageloans.com specialises in mortgages of between £500,000 and £50m and has expertise and experience in creating tailored solutions for brokers and their clients.Martin Reynolds, development director of PMS, says: “We are all aware that the […]

Complete offers brokers credit crunch lunch

Mortgage packager and distributor, Complete Mortgage and Loan Services is inviting brokers to attend “The Complete Credit Lunch” to discuss market diversification.