Big banks and building societies may have masked the plunge in value of repossessed homes in the second half of 2009 by keeping them out of the auction room and offering them for sale through agents instead.

Figures from The Essential Information Group (EIG) show just 941 repossessions went under the hammer in the final quarter of 2009, against 2,941 in the same period of 2008.

David Sandemann, EIG managing director, says a shortage of repossessions was a key factor in the 36 per cent fall in the number of lots for auction in November 2009, compared to November 2008. The number of homes sold under the hammer fell 48 per cent between those dates.

Overall, some 3,998 repossessions were auctioned in 2009, against 8,222 in 2008.

Yet, UK lenders had about 18,000 repossessions on their books at the end of September 2009, with many expected to sell this stock through agents in the hope of getting higher prices than an auction would achieve.

Only one auction company is shown to have bucked the trend, Maidstone-based Clive Emson.

Auctioneer and director of Clive Emson Auctioneers Kevin Gilbert said: "David Sandeman has confirmed that Clive Emson were the only auctioneers to increase the values of sales from the previous year and in the National League Table of UK auctioneers Clive Emson rose to seventh from 12th place for the sale by value and volume of commercial and residential lots.

"We frequently read articles about repossessions being undersold at auction.

"Such reports are not good for the profession, but perhaps the problem lies with the asset managers and their placing of properties to one or two national auctioneers.

"What possible logic can there be to selling a house in Bradford, Birmingham, Bournemouth or Blackpool (or in fact any town or village) with a value of less than £100,000 in a national auction house?

"There are so many cases of lots being resold in the next available local auction at a significant profit.

"We are told it’s easier to sell with one or two national auction houses rather than negotiating a variety of fees and terms with several regional auction houses.

"The decision-makers to whom we have spoken are clearly aware of this but are unwilling to address it.

"Equally, in 2009 we sold many lots which had been bought through estate agents and resold through our auctions (and this happens throughout the country - we are not alone) often losing thousands of pounds for the original seller.

"In our July auction we sold two such properties, one in Ashford Road, Canterbury, sold by a local agent (HM Land Registry shows price paid £110,000) yet the same unimproved house sold for £142,000 at auction just over a month later."

Another property, in Pemberton Road, Ashford was sold in the same auction (July 2009), again bought through a local agent (HM Land Registry shows price paid on June 23 was £76,500) and sold in the auction room for £100,000.

Clive Emsons’ first auction of the year is on February 22.