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Auction Property Market Update  for January 2010

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It's no surprise that January has been a 'quiet' month for Auctions, it normally is anyway, but dump several feet of snow on the ground and suddenly it becomes a lot more difficult to find stock and buyers. It also makes it very difficult to run an auction successfully and figures this month, according to David Sandeman from EIGroup are that two major London auctions were cancelled.

So unless there is a major increase in interest rates, pushing up the volume of repossessions it is likely that lots offered will remain low, but if a property does make it market and it's priced reasonably, it's highly likely it'll sell as the percentage of lots sold hovers around the 75% mark.

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 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

Jan 10

Nov-Jan 10

Nov-Jan 09

YoY +/-

Lots Offered

303

4,476

6,162

-27.4%

Lots Sold

187

3,019

4,395

-31.3%

Percentage Sold

62%

67%

71%

-5.4%


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

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