Auctions soar in popularity as they make more sales...

15 December 2008

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2 Comments

Written by Rosalind Renshaw

Residential auction sales proved a successful platform for selling homes last month.

David Sandeman, managing director of Essential Information Group, which analyses auction sales, said that 134 auctions were held in the UK in November offering 3,078 lots. Of these, 2,074 (67%) were sold, realising a total of £210m – slightly less than in previous months, reflecting lower prices.

Sandeman said the number of lots sold was up 40% on November 2007, in comparison with the number of transactions going through estate agency offices, which are down around 50% according to the RICS.

Comments

- Fluter
Would Mr Sandeman, or indeed anyone else, kindly inform as to how many of these sales were repo's or forced sales as opposed to owner occupied properties. I think it highly unlikely as it would then give an accurate picture as to the true success of an auction and that just would not do would it? If anyone is thinking of selling at auction, try looking up Allsop's recent 4 day London auction for a clear picture. Auctions a re fine for some but certainly not for Mr & Mrs Joe Average!
- 15 December 2008 03:49 AM
- Policy
Self interest of course. Ave price then only just over 100K, change auction to giving away, not in best interests of the clients, unless of course they don't care, when it a repo. Advise a family member to sell by auction? Don't think so!
- 15 December 2008 02:11 AM