1 UK Property Repossessed Every 11 Minutes!
Okay, am I the only one to think that these property repossessions represent a fantastic opportunity to expand your existing property portfolio and invest at notoriously affordable prices?
Ummm probably… but before you discount me as being heartless or ‘callous’ in this judgement let me explain…
You see it is a little known fact that repossessed properties sell for at least 5-10% below market values, meaning you can easily invest in these properties for more than 25% below their original 2007 asking prices, if not more which is fantastic news since property prices have begun rising again…
Now for anyone who doesn’t have a clue what I am going on about, I am discussing Credit Action’s recent report which declared that a new property is repossessed every 11 minutes. That is 131 properties every single day!
Yet this is not the worst of it…
According to Credit Action, the average household has now got a debt of at least £9,161 to their name –excluding their mortgage! Throw that into the mix and household debt rises to an astounding £58,340.
At £58,340, it is no wonder that every 3.97 minutes someone is declared bankrupt or insolvent – the finance market is in a very bad way.
Yet despite all this, it is impossible to ignore the fact that these repossessed properties represent an incredible opportunity to get the property market back on its feet.
With the demand for property growing at an escalating rate and the housing shortage becoming ever more dominant, these properties can easily supplement this demand by being transformed into multiple rental accommodations.
Maybe I am wrong about this. Maybe investing in these properties won’t make a difference. But you have got to admit that at an additional 5-10% off their asking prices it just too good a discount to miss.
Wendy xx
