Buy to let
Print friendly version 2 Jul 2009

Auction sales on the rise

The proportion of properties successfully sold at auction soared by nearly two-thirds during the past month, according to Countrywide Property Auctions.

About 79% of all properties which went under the hammer with Countrywide Property Auctions between May 28 and June 12 sold, compared with only 49% during the same period of 2008.

At the same time, 40% of properties sold for more than their guide price, compared with an average of only 7% during the first half of 2009 taken as a whole. In one case, a flat in London sold for 20% above its guide price, while the group also reported a rising number of properties which were sold ahead of the auction.

Mark Tanton, chief auctioneer at Countrywide, said: "During the last quarter, we saw buyers playing a waiting game to see if prices were going to fall further. The mood has changed and buyers are no longer holding back from investing in property. There has been a large increase in demand for properties at auction this month.”

Countrywide said it was seeing a growing number of people buying homes through auctions, as opposed to investment or development properties.

Tanton added: “The demographic of buyers in many of the auction rooms has shifted and we’re seeing a growing number of first-time buyers and parents looking to purchase a property to help their children get on the property ladder.

"Private buyers are now sat alongside our professional buy-to-let landlords and in many cases outbidding professional investors.”

The group held auctions in Manchester, Birmingham, Leeds, London, Bristol and Llandudno during the period, with properties ranging from a former childrens home to modern apartments and starter homes priced from just £39,000 going under the hammer.



STAY UP TO DATE: Subscribe to email alerts Subscribe to RSS

COMMENT ON THIS ARTICLE:

Login to add a comment

Need to register? Click Here








Outlook 2012

Four experts share their predictions for house prices, interest rates, the mortgage market and the wider economy for 2012.
Read on...

Save money by overpaying

Michael White of online advisers Email Mortgages explains the benefits of paying more than you are obliged to for your mortgage every month.
Read on...

Your Mortgage magazine

Your Mortgage coverThe January/February 2012 issue of Your Mortgage is on sale now. In it we feature expert predictions on what will happen to house prices, interest rates and the wider economy in 2012. We also explain the latest State help for first-time buyers, weigh up the relative merits of offset mortgages, and offer handy hints and tips on making sure you have the right home insurance in place. Plus we have all the regular features and our invaluable mortgage basics section. Get your copy now for the latest news, information and help

Your Mortgage Awards

Your Mortgage Awards The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 21 years.

Read about all the winners from the 2011 - 2012 awards in our e-magazine
Your Money logo
Latest news from Your Money

Visit Your Money website
Photo of Paula John, Editor In Chief of Your Mortgage Magazine
Visit the mortgage news section for all the latest developments affecting the UK property market.

Use our range of mortgage calculators to work out how much you could borrow.
divider

Online Poll

divider
divider
divider

Sponsored Links.