Auction Property Market Update for January 2010
Skip to Headline Statistics or Useful Resources
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!
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 SAVILLSFor 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
