Auction Property Market Update for November 2009
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November auction figures for the residential market show a poor performance due to the lack of repossessions stock available and the likelihood that many investors are struggling to get finance. Hence percentage sold feel from October's high of 72% to 34%. Interestingly though, although the money raised was down substantially year on year (-43%) the quarter and annual falls were still less than October stats showed. HOWEVER, BEWARE that the next month or two with regards to auction data will give a lead indicator as to what happens to the general property market in 2010. If auction stats continue to show a slowdown, no doubt this will soon be reflected in the general housing market!
READ KATE'S TOP TIPS on Trading at Auction!
David Sandeman from EIGROUP commented: "November's results were down versus the previous year both in terms of lots offered and amount raised, mainly due to a LACK of repossessions. In Q4 2008 we saw 2,941 repossessions go to auction where as in Q4 2009 the number fell to almost 2,000 (68%) to 941."
READ MORE in the latest RAPID INVESTMENT UPDATE
If you are buying, there are still some fantastic bargains available at auction houses, but they will be harder to find and don't appear to be going at as big discounts year on year.
If you are struggling to sell, now might be a good time to test out the auction houses to see if they can sell your property quickly at a price you are willing to sell for.
REMEMBER: Do your research first and NEVER buy a property at auction without a survey and the legal checks!
Headline Statistics for Residential Auctions
These statistics are provided courtesty of
EIGROUP and are produced in
detail by region.
| Quarterly Auction Headlines | Nov 09 | Sep-Nov 09 | Sep-Nov 08 | YoY +/- |
| Lots Offered | 1,636 | 6,711 | 9,108 | -26.3% |
| Lots Sold | 997 | 4,751 | 6,011 | -21.0% |
| Percentage Sold | 61% | 71% | 66% | +7.3% |
Useful Resources
EIGROUP SAVILLSFor more market commentary on a national or local level:-
Contact Kate Faulkner on 07974 750562 or 0845 838 1763. To read more about Kate, please visit
ABOUT US, see
Kate on video and for media appearances, contact:
Sylvia Tidy-Harris
STH Management Tel +44 (0) 1530 263221
Mob +44 (0) 7970 646872
