Property Auction Commentary for May 2009
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Auctions continue to be more successful than the high street at selling property, with a 69% success rate at auction versus 28% sold versus for sale boards in the open market, if you need to sell, it's definitely the place to turn!
However, the reason for this success is clearly down to reducing the price to meet buyer's expectations. And to acheive a sale, on average prices offered are down by 36% versus 16-20% on the open market The average home sold via auction now costs just over £100,000 versus £153,000 on the open market, however this reflects properties that people are desperate to sell as well as properties that need renovation work.
David Sandeman from EIGROUP commented: "overall, the number of lots offered in May 2009 declined almost 40% compared with May 2008. This was in part due to 298 fewer repossessions being offered. (May 2009 - 180, May 2008 - 478). The percent sold however has increased by 16.5%, up from 61% to 71%, and on the rolling year basis the number of lots offered was only down 10%, though revenue raised dropped 36%"
If you are buying, there are some fantastic bargains available at auction houses, but you need to do your research first and NEVER buy a property without a survey and the legal checks!
READ MORE in the EIGroup and RAPID updateHeadline Statistics for Residential Auctions
These statistics are provided courtesty of
EIGROUP and are produced in
detail by region.
| Quarterly Auction Headlines | May 09 | Mar - May 09 | Mar - May 08 | YoY +/- |
| Lots Offered | 1,709 | 5768 | 8,311 | -30.6% |
| Lots Sold | 1,186 | 4,114 | 5,100 | -19.3% |
| Percentage Sold | 69% | 71% | 63% | +16% |
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
Fax: +44 (0) 1530 264018
