Chiltern is urging people who face losing their home through repossession to seek help

Chiltern is urging people who face losing their home through repossession to seek help after figures from the Royal Institute of Chartered Accountants (RICS) showed the number of homes sold at auction had reached its highest level in two years.

RICS says there was a 22 per cent jump to 5,120, in the number of homes offered for sale at auction in the second quarter of 2007 which has been fuelled by increasing repossessions.

Lenders often sell repossessed properties at auction so they can recover their lending quickly.

Chiltern’s Simon Duffy says: “These findings show that many people are being faced with the unfortunate reality of losing their home, which is increasing the number of houses going under the hammer.

“People can often avoid having their homes repossessed if they act as early as possible, as there are many options available to those confronting their debts and negotiating with their lenders.

“Burying your head in the sand doesn’t make the debt disappear and can lead to further unnecessary charges and interest costs. It’s better to seek help and advice before you get in too much trouble.”