Over 75% of properties sold at the live auction held at the Property Investor Show at ExCel London.
Altogether, 104 properties had been entered in the sale, which was conducted by Spicerhaart’s auction business, Mustbesold.com
The second-ever live auction held at the UK’s main event for property investors was packed with both investors and first-time buyers.
Properties in Scotland were the most popular, with 86% sold on the day.
Highlights included a property in Flintshire with a guide price of £60,000 which sold for £91,000 and a house in Isleworth, west London, with a guide price of £135,000 which went for £173,000.
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Comments
There was an interesting comment on HPC recently re the issue of regional divides. The idea there there are interesting comments made on HPC may surprise some on EAT, but I'll share the thought anyway... Essentially the idea is that credit bubbles have an effect of rippling outwards - what started with London prices picking up at the end of the century spread to the South East, then the South West, Midlands, Wales, North, Scotland until finally reaching Northern Ireland five or so years later.
A credit contraction sees the ripple effect move in the reverse direction, so prices in Northern Ireland will fall first etc. Where this theory has merit is that prices over there have fallen faster and further than anywhere else on mainland Britain. Noticeable falls are now appearing in Wales, the North, the Midlands (don't know about Scotland) but not so much in the South East.
It is a somewhat simplistic model. However, these regional fluctuations have the effect of making a national index appear relative static - which has also been happening.
On that note, Acadametrics latest release suggested that prices were essentially unchanged from a year ago (in nominal terms). However, the guys at Acadamagictrix failed to mention that to get that flat figure they revised their average price for Feb 2010 down by 2.5%!
Not quite, I got bored of a minimum 45min commute with little in the way of employer gratitude so dropped my cv to a recruitment agent and let them do their thing! Ended up being fought over which is always good for the old ego!
I have been keeping an eye on the antics and amusements over yonder, was wondering if I should try and get you some bandages for the bruises of smacking your head againstthr wall! The guy is obviously an idiot with an overload of hubris. Hopefully he will meet a similar fate! I don't have the time to spend on him, to busy losing the race for the phone! Well, that'll change soon! *cracks knuckles*
Jonnie, mate - "general tosspottery" still makes me cry! ;o)
...but you can roll it in glitter.
........................i still like 'you cant polish a turd'
Jonnie
Counrty Lass: New place? You mean that you've been poached by some jealous competitor, so worried that you WILL achieve 75% instruction to sales ratio that they've offered you a Jonnie-esque salary and company yacht?
WAY TO GO, GIRL!!
You've made a happy man very old... ;o)
xXx
You still need to come over to his blog, though. What is happening reminds me of an old saying I once had occasion to come up with:
You can wrap sh!t in Christmas paper: it looks good - but you can't cover the smell.
The wrapping is being stripped off nice and quickly now!
Apologies from the heart my sweet, started at my new place so been a tad busy! trysts sound intriguing, plus it is a cool word... Not at the Hendry debacle though, I wouldn't give that waste of skin and oxgen the time of day let alone listen to his deluded ramblings!
Shouting through a chain link fence? Not exactly the scenario I had in mind? Have you ever read Across The Barricades? Would be more apt if one of us was HPC but close enough!
Xx
Ahhh... Country Lass. Welcome back! We've missed you (well, at least, I HAVE...)!
Maybe that flash-cash laddo Jonnie might just stretch the boundary of 'Sarfangleterre' to include YOU in HIS country, just to spite me.
He's cruel like that - he told me off the other day for casting aspersions!
If he does so, we'd just have to continue our online tryst - being foreigners to each other and all.
Maybe I could get a visa and we would be able to meet after all. If not... what about yelling sweet somethings to each other through the chain-link fence on the borderline... ;o)
(How's about we meet later on the Peter Hendry blog page? Jonnie doesn't go there - it would be our little secret... x )
Beauty of being in the Midlands, my prices seem cheap to one lot, and expensive to the others, but closer to the Capital than they are at the moment! And I get the commuters too!
Result!
Peebee,
Don’t be like that – you know that auctions are where the ‘real prices’ are achieved.
Fairs fair and all that but if there is houses sold in 2005 for £50k going for half that then we should point Sibley and Rant in the direction of the next sale, sounds like the 50% drop in prices some are waiting for has happened………obviously it helps if you want a dreary little terrace in a turd of a location because im sure if that was South of Watford, in fact no South of Northampton it wouldn’t have gone at that % drop?
It’s the flippin north cocking the indexes up init, what’s next eh? Devolution is the answer, make the south its own country, bin off the north, the welsh and Scots etc, im not having the price of my nice suburban 4 bed being knocked by foreigners that have nothing in common with me.
Im going to call this new country ‘Sarfangleterre’ whos with me?
Jonnie
Hmmm... here's a fine example of this auctionhouse's work, from the February fire-sale:
203A WOODHORN ROAD, ASHINGTON, NORTHUMBERLAND, NE63 9ET.
Guide Price: £25,000 : Sold Price : £20,000
Houseprices entry: 14/9/2005 £50,000
The "marketing" of the property seems to have been carried out by a company in NORTHAMPTON. A viewing would be a round trip of 472 miles! Wonder how many they carried out...?
Nevertheless... they must be SO proud of their "achievement"... :o|