London repossessions are on the rise. According to property auction house Allsop, nearly 40 per cent of all properties being offered in its next sale in mid-February are repossessed properties.

Allsop, which claims to be Europe's biggest residential property auction house, said its February catalogue has 410 lots, a large proportion of which are repossessed properties from buy-to-let investors who had failed to appreciate the pitfalls of property investment.

Selling by auction is rare in London, where the method is often associated with forced sales. Allsops list of the properties include several apartments in central London, as well as family homes in the inner suburbs. The two-day auction takes place from February 18th.