David Sandeman, managing director of the Essential Information Group predicts that around 50 per cent more properties will be offered at auction this year compared to five years ago as a direct result of the current market slump.
He said that vendors are currently being polarised into two groups as a result - those that simply have to sell up and those who don't and can therefore wait around until they find a suitable buyer.
Property investors in this buyers' market are therefore in a promising position to snap up a bargain.
"In addition, a relatively high number of repossessed properties will also come under the hammer in 2008 due to the tighter financial climate," explained Sandeman.
"With fewer buyers expected this year than in 2007, there are some excellent bargains to be secured as properties will be sold at prices that would have been below reserve compared to last year’s standards."
