Auction Property Market Update June 2009

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Property Auction Commentary for June 2009
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Auctions are performing extremely well, albeit that the auction houses are suffering from a lack of properties - including repossessions which were down from over 400 last year to a mere 180 this year. Despite the lower number of lots offered, sales were up and the auction houses for the first time year on year, sold more in value terms.  

David Sandeman from EIGROUP commented: The overall percent sold rate remained steady at 71% for June - the same as for May, and this is 14 percentage points above June 2008. The sale rates are also higher when compared with previous quarters and years, indicating more realism in the auction market as regards vendor's expectations.

If you are buying, there are still some fantastic bargains available at auction houses, however, these do seem to be disappearing at the moment, so bargain hunters need to start visting auction houses. However, do your research first and NEVER buy a property at auction without a survey and the legal checks!

Feb 09Mar 09Apr 09May 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 June 09Apr - June 09Apr - June 08YoY +/-
Lots Offered2,301

5,964

8,242

-27.6%
Lots Sold1,637

4,270

4,819

-11.4%
Percentage Sold71%

72%

58%

+22.5%

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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