Sales rates at auction sales are continuing at a low level, with around 35% of stock not selling.
In July, out of 3,910 lots on offer, 2,569 sold – a sales rate of 65.7%. In July 2009 the sales rate was 73.3% with a similar number of lots on offer.
The number of lots on offer is 30% lower than in the first half of 2007 – the peak of the property market. However, this should be compared with a 60% drop in overall transactions recorded by the Land Registry.
David Sandeman of Essential Information Group, which monitors all auction activity in the UK, said: “While we have seen a decline across all the metrics for measuring activity in the auction market, the numbers do show that the decline has slowed down or arrested.”
Auction activity still hovering at low point
23 August 2010
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Comments
Richard: Never a more sad but true post. Mortgage companies have regard only for themselves and the recovery of their outlay, nothing else. Supposedly this was addressed in the early '90s with the Mortgage Act - but obviously lenders consider themselves above the law...
Perhaps a direct correlation to the decline in Repo numbers so the Corporates do not have the stock to under sell at Auction to get their fee fast, rather than trying to get the best price for the borrower to clear more of their debt? Could the new “ambulance chasers” be good independents helping suffering borrowers sue due to underselling??? How many properties have been stripped out of the local market to sell for less in these big regional auctions or London Houses??