According to recent data from Spicerhaart Corporate Sales it seems that property investors and first-time buyers are taking advantage of the chain-free nature of repossessed properties to snap up property deals.

In April 2010, the average time taken for a repossessed property transaction to complete from the day of its repossession by the lender was 106 days, some 18% (23 days) quicker than one year previously.

The time from repossession onto the property sales market was just 9 days in April this year and from repossession to sales exchange is now just 100 days, compared to 122 days in May 2009. The latest figures come as the CML announced that the rate of new repossessions have fallen in Q1 2010.

Mark Pilling, managing director, Spicerhaart Corporate Sales says: ”Repossessed properties remain attractive for both investors and first-time buyers as their chain-free nature allows a fast and efficient property transaction, with no delays due to other third party involvement.

“The key driver for asset managers is to ensure that they sell repossessed properties in the quickest timeframe and for the best possible price, as this is in the best interests of both the lender and the borrower. By getting the marketing strategy for the property right we can ensure that we are meeting both of these objectives.

“While the number of new repossessions may now be falling, there remain many factors that could lead to a reversal of this trend. Potential rises in interest rates, increasing unemployment and diminishing support for forbearance measures could mean that some borrowers could struggle to meet repayments in future, possibly resulting in a future increase in repossessions.”