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    Almost 40 per cent of properties to be auctioned next month have been repossessed by banks or building societies, it has been claimed.

    Britain’s biggest auction house Allsop has reported that the number of repossessed homes being sold at auction has doubled since February last year.

    Gary Murphy, auctioneer and partner with the company, said many struggling property owners are investors who have found themselves unable to cope with increasing mortgage costs.

    "The rise in repossessions is down to the fact that borrowers are having difficulties repaying their loans and a large proportion of these are buy-to-let investors who failed," he warned.

    Last month, charity Citizens Advice asserted that irresponsible lending decisions and "dubious advice" from brokers is behind the increase in repossessions.

    It claimed that many aspiring homeowners have been mis-sold unsuitable and unaffordable loans – driving many into debt and homelessness.

    Some lenders then escalate the debt by "piling on" default charges, Citizens Advice added.

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