Auction Property Market Update July 2009

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Property Auction Commentary for July 2009
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Auctions continue to outperform the normal buying and selling market from a residential perspective with 73% of lots sold, albeit that the value of sales was down by 11%. A sure sign of the overall buying and selling market performance is the lack of repossessions coming through the auction houses for two reasons, firstly lenders will if they can sell on the open market rather than at auction and secondly because the stock available although up 14% year on year, is actually 10% less between Q2 09 than Q1 09.

David Sandeman from EIGROUP commented: The overall percent sold rate rocketed to 73% for July near long term averages.

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 09June 09

READ MORE in the EIGroup and RAPID update

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

Quarterly Auction Headlines July 09May - July 09May - July 08YoY +/-
Lots Offered2,744

6,742

9,350

-27.9%
Lots Sold2009

4,899

5418

-9.6%
Percentage Sold73%

73%

58%

+25.4%

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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