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Auction Property Market Update  for November 2009

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November auction figures for the residential market show a poor  performance due to the lack of repossessions stock available and the likelihood that many investors are struggling to get finance. Hence percentage sold feel from October's high of 72% to 34%. Interestingly though, although the money raised was down substantially year on year (-43%) the quarter and annual falls were still less than October stats showed. HOWEVER, BEWARE that the next month or two with regards to auction data will give a lead indicator as to what happens to the general property market in 2010. If auction stats continue to show a slowdown, no doubt this will soon be reflected in the general housing market! 

READ KATE'S TOP TIPS on Trading at Auction!
 
David Sandeman from EIGROUP commented: "November's results were down versus the previous year both in terms of lots offered and amount raised, mainly due to a LACK of repossessions. In Q4 2008 we saw 2,941 repossessions go to auction where as in Q4 2009 the number fell to almost 2,000 (68%) to 941."

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 09

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

Quarterly Auction Headlines Nov 09Sep-Nov 09Sep-Nov 08YoY +/-
Lots Offered1,636

6,711

9,108

-26.3%
Lots Sold997

4,751

6,011

-21.0%
Percentage Sold61%

71%

66%

+7.3%

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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