Repossessions are on the rise and a whole generation of first time buyers has to face up to financial reality. The current economic climate means that many first time buyers over-borrowed to get on the property ladder. Inflated property prices are to blame – so much so that a recent warning from the National Housing and Planning Advice Unit has highlighted the fact the next generation of first-time buyers will have to cope with property prices equivalent to ten times their average incomes. It's no wonder so many homeowners fall into financial difficulties; a property auction could be the quickest way out of a tight fix.

Property auction – First-time buyers sell fast!

The outcome means more first-time buyers realise they've bitten off more than they can financially chew, leaving them with little option but to put their homes onto a property auction and sell them fast, or face the very real risk of repossession. Home ownership is already out of reach for many young people. Add to that equation over-borrowing and general consumer debt, let alone the staggering student debts many young people have before they've even started their careers, it's no wonder that so many homes end up being put up on an online property auction.

Property auction in the face of repossession

The average property in England currently costs seven times annual earnings, but the government agency said by 2026 it will be ten times a person's salary. Many believe there is a major crisis in the housing market that is creating an underclass of people who simply can't afford home ownership. It's thought a radial rethink is needed, or a change in the UK's attitudes to home ownership. Renting can be far more financially affordable and offer flexibility; it's common on the Continent. Putting your home onto a property auction to address growing debts or get out of financial difficulty and opting to rent instead could provide a much better and more affordable lifestyle.

There's a growing gap between home ownership and affordability. Many homeowners, particularly first-time buyers, are realising they don't want to be another statistic and victim of repossession. Using an online property auction could be the answer to your property debts.

If you need help to get a faster sale or you are looking to buy a property at auction, contact Discount Property Auction. We're committed to helping you, whatever your circumstances. If you want to sell your home, you can use our dedicated online auction facility, which allows you to upload your property yourself and put it in front of genuine, interested buyers. Call us now on 0800 1313 999 or email admin@discountpropertyauction.co.uk to find out more.