Network Auctions’ latest sale, held at Hatfield House in Hertfordshire, achieved a success rate of just 45%.
It was in stark contrast to the national auctioneers’ four previous sales going back to last November, which had produced an average 77% success.
Last week, 20 lots were on offer, and while 13 were sold, the bidding on the day showed a clear gap between sellers’ expectations and growing caution amongst buyers.
Twenty-five of the lots attracted bidding and offers, but often the level fell just short of the reserves, resulting in several lots going unsold in the room.
Subsequent negotiations have, however, concluded transactions on several lots.
Auctioneer Guy Charrison, who is also chairman of NAVA (National Association of Valuers and Auctioneers), said: “This auction proved to be one of the toughest I have held for many years, with a clear reluctance amongst bidders to pay anything other than a level that they had set in their minds at the outset.
“We have worked hard to secure sales for those clients whose properties did not sell on the day and are focused on achieving excellent results at our next sale in September.”
%20A%20property%20tale%20for%20our%20times.png)
Comments
Less sales by auction is good for the poor repoe'd borrower who will have lost less if sold on the open market, so good news.
Just did the sums and 13 sold out of 20 on offer is 65%.
A littel further in the article it states that 25 attracted interest.
If 13 out of 25 were sold this is 52%.
Who is the math provider?
How is this calculated at 45% please?
Cows lying in a field - suggest it will rain. Auctions are the equivalent forecaster for the housing market. Its going to be a tough 2nd half to the year
Is all down to the reserves being set too high
Recent auctions have proved succesful and sellers and auctioneers have been getting over excited
Auctions are now a place for closing a sale, not the best price
Until energy returns from buyers it will be thus so