Props to CityWire for this very interesting report from the auctions. Repossessions appeared to be order of the day - but aren't they always? People over-stretch themselves even in a bull market. What's more shocking is how little was selling... even at a substantial discount on 2005 prices. CityWire's Richard Lander makes the assumption these are buy-to-lets, an entirely sensible assumption given that so many appear to be new-build apartments of one or two bedrooms. He goes on to interpret this as a sign of the buy-to-let market imploding. The Rat and Mouse might interpret the experience slightly differently. New builds - especially in 2005 - were in many cases hilariously overpriced. If the auction was a sign of any kind of chicken coming home to roost, it's as likely to be purchasers of so-called off-plan newbuild bargains as buy-to-let landlords per se wearing the feathers.

Technorati Tags: London, property, real estate