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Auction Property Market Update February 2011

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The auction market will always do well during a recession, but it's also a good guide to what's actually happening between real buyers and sellers. To date, the figures from the EI Group suggest that the strength is on the side of the buyer, with more lots coming onto the market than previous years, so an increase in supply.

On the demand side though, overall, the number of deals being done is slightly higher, with the percentage of lots sold up from 61.7% in January 2010 to 64.7%. However the percentages don't show that the number of actual lots is up from 187 to 317, ie sales are up year on year by 69.5%!

The average prices across the auction houses are less than the stamp duty limit of £125,000, so it's well worth taking some time to investigate buying through auction over the coming months, especially towards the back end of 2011 when sellers are really likely to start struggling with higher interest rates leading to an increase in mortgage rates.

From a regional perspective, the best performing area is the North East where stock was up by 47%, lots sold by 46% and the auction sales value up a huge 51% suggesting some real bargains were to be had!

For more information on what's happening in your area 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!

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

Jan 11

Nov-Jan 11

Nov-Jan 10

 

YoY +/-

Lots Offered

490

4,943

4,476

+10.4%

Lots Sold

317

3,239

3,019

+7.3%

Percentage Sold

64.7%

65.5%

67.4%

-2.8%


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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