From This is Money:
‘In May 2008, a flat in Catford, South-East London, was sold on behalf of receivers for £130,000,’ says David Sandeman of Essential Information Group, which monitors the UK auction market. ‘Just four months later it sold privately for £225,000 – a profit of £95,000 or 73 per cent.’
A repossessed terrace house outside Guildford, Surrey, sold in September 2007 for £203,000 and again seven months later for £280,000 – returning a profit of almost 40%.
‘The market changed radically in a very short time. Properties were put into auctions and they had to be sold, but there were very few buyers so they were able to get a bargain,’ says Sandeman. ‘That’s not always the case. In fact, recently some properties have fetched more at auction than through an estate agent.’
The biggest profit was in Burnley, Lancashire, where a terrace house sold in January last year for £41,500 and again less than 12 weeks later for £79,950, a profit of 93%. Bargains…