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Auction Property Market Update for February 2010

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Unlike the 'regular' property market, the auction houses performed pretty well versus February 2009. The number of properties going through auctions continues to be low - 25% less than last year on a quarterly basis, but slightly up on a month by month basis. Once properties do go to auction though, they are highly likely to sell with lots sold in excess of 70%.

Interestingly, the value of deals is looking better than previous months with monies raised versus the previous quarter only 11% down, and Feb 2010 versus Feb 2009 actually up by a few percent. As with the rest of the property market however, performance is very regional with areas such as Scotland up by nearly 100% in value terms while the North East is down by a massive 57%!

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!

Jan 10          
Feb 09Mar 09Apr 09May 09Jun 09Jul 09Aug 09Sep 09Oct 09Nov 09Dec 09

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

Quarterly Auction Headlines

Feb 10

Dec-Feb 10

Dec-Feb 09

YoY +/-

Lots Offered

2,651

5,446

6,021

-9.6%

Lots Sold

1,920

3,883

4,345

-10.8%

Percentage Sold

72%

71%

72%

-1.4%


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

NALS Conference Chair 2016

Kate's Consumer Portal

Propertychecklists.co.uk

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