Auction Property Market Update August 2009

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Property Auction Commentary for August 2009
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August is never the best month for auctions - even property owners, buyers, investors and mortgage companies selling repossessions like to have a holiday! As a result, volume through the auction houses dropped by 30% and the number of lots sold dropped for the first time in six months to 68%. Interestingly from a 'how low can the property market go' perspective, over the last 3 months, auction houses turnover for residential homes is only 7% down versus 2008, again pointing to the property market bottoming out.  

David Sandeman from EIGROUP commented: August is always a very quiet month for auctions with only a fifth of the number of lots being offered for a typical month. In addition with the fall in the number of repossessions currently finding their way to the auctions, the fall in sale rate is not altogether unexpected

READ MORE in the latest RAPID INVESTMENT UPDATE


If you are buying, there are still some fantastic bargains available at auction houses, but they will be harder to find and don't appear to be going at as big discounts year on year.

If you are struggling to sell, now might be a good time to test out the auction houses to see if they can sell your property quickly at a price you are willing to sell for.

REMEMBER: Do your research first and NEVER buy a property at auction without a survey and the legal checks!

Feb 09Mar 09Apr 09May 09Jun 09Jul 09

Headline Statistics for Residential Auctions
These statistics are provided courtesty of EIGROUP and are produced in detail by region

Quarterly Auction Headlines August 09Jun-Aug 09Jun-Aug 08YoY +/-
Lots Offered604

5,637

7,356

-23.4%
Lots Sold408

4,102

4,292

-4.4%
Percentage Sold68%

73%

58%

+24.7%

Useful Resources

EIGROUP  SAVILLS

For more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit ABOUT US, see Kate on video and for media appearances, contact:

Sylvia Tidy-Harris
STH Management                    
Tel  +44 (0) 1530 263221
Mob  +44 (0) 7970 646872

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