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Auction Property Market Update December 2010

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November's auction results start to support a slow down in the sales of residential property as the number of properties coming through the auction houses increased dramatically. November lots were up by 12% versus November 2009 and the number of lots sold was up by 8%, although the value was down by 3.6% as the percentage of lots sold was less than 60%.

2011 should be a great year to spot a bargain at auction. More and more people (and lenders) are turning to auctions to help secure a quick sale and it's working. With a likely small rise in repossessions, some parts of the country will have a fab choice of property that we probably haven't seen since the last quarter of 2008, which means bargains will be available.

Do remember though if you buy at auction, get your survey, legals and finance all ready to go as you need to be ready to exchange on the day.

Thinking of buying for the first time, trading up or investing? Then don't buy until you've checked out your local property auction!

For more information READ MORE in Property Investment Update 

READ MORE in the latest RAPID INVESTMENT UPDATE and with EIGROUP's 2010 half year update.

REMEMBER: Do your research first and NEVER buy a property at auction without a survey and the legal checks!

Jan 10Feb 10Mar 10Apr 10May 10Jun 10Jul 10Aug 10Sep 10Oct 10 
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

Nov 10

Sep-Nov 10

Sep-Nov 09

YoY +/-

Lots Offered

1,838

8,019

6,711

19.5%

Lots Sold

1,078

5,201

4,751

9.5%

Percentage Sold

58.7%

64.9%

70.8%

-8.3%


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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