Jump in repossessions gives new buyers an opportunity

05-May-2005

A sharp increase in the number of repossessions currently being carried out by mortgage lenders is set to boost aspiring first time buyers.

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Many aspiring homeowners will find it easier to get on the property ladder by purchasing a home that has been repossessed, because these are often sold off at low prices.

Combined with the slowing housing market, the opportunities for first time buyers will be increased by the new trend, provided they can find the bargains that are available.

Government figures have shown that the number of people in England having their homes repossessed has jumped by 45 per cent during the first quarter of 2005 compared with figures for the same period last year.

And while that increase could have a damaging effect on the property market as a whole, it does offer aspiring first time buyers with a unique opportunity to find themselves some affordable housing.

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However, mortgage lenders are notoriously loathe to advertise their repossessions, as it does not fit with their preferred image as family-friendly organisations.

But with the increasing number of repossessions being made, more mortgage lenders are likely to be eager to get the houses off their hands, meaning that it could be an excellent opportunity for aspiring homeowners to bag a bargain.

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