Auction Property Market Update July 2010
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July's figures confirm that the property market is cooling at a national level for residential auction properties even when property demand and supply is matching. Year on year the number of lots are down, but over the quarter, there has been a 7% rise in the number of properties being sold through auction, while the number of deals being down has fallen by 10% on a quarterly basis and therefore the value of property sold has also fallen by 10%.
This suggests that there are less buyers out there and far more sellers. Normally we'd expect this to impact on the price properties were selling for, but it does appear they are being maintained. On average, only 66% of lots put through auction were sold in July and the last quarter. This is lower than the annual average of 70%.
Interestingly, as with most property markets, there are vast regional differences. The East Midlands for example is flying at auction level with lots up by nearly 30% May to June 2010 vs 2009; the percentage of lots sold is 70% and revenue generated is up by a massive 23%. As Nottingham is a key area for property investors this is likely to be one of the main reasons behind the local versus national growth.
For more information READ MORE in Property Investment Update
READ MORE in the latest RAPID INVESTMENT UPDATE and with EIGROUP's 2010 half year update.
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 | Jul 10 | May-Jul 10 | May-Jul 09 | YoY +/- |
Lots Offered | 3,018 | 7,151 | 6,742 | 6.1% |
Lots Sold | 1,968 | 4,663 | 4,899 | -4.8% |
Percentage Sold | 65.2% | 65.2% | 72.7% | -10.3% |
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
