Property Auctions Not Getting Hammered!
There may be more opportunity for more people to buy property at auction after new figures released this week showed there was a little less activity by professional investors at the property auctions held across the UK in July.
The property auctions market didn’t take the expected hammering, with the number of properties offered as auction lots down by 6.3% compared with July 2011. The amount of properties sold at auction was also down on July 2011’s figure by 6.8%.
Data from the Essential Information Group, which monitors all property auctions in the UK, revealed that there were 188 property auctions across the UK during July 2012. At those property auctions:
- 3,762 properties were offered for auction
- 2,621 properties sold at auction
Property buyers who were seeking to purchase at the auction had a success rate of 69.7%.
With a fall in professional property investor activity there could be more opportunity for novice investors and even struggling home buyers to purchase property at auction, if only they knew how?
MyPropertyPowerTeam.co.uk provide an information page on property auctions, including what to look for and what to watch out for, visit the page by clicking here
David Sandeman, Managing Director EIG said “Challenging conditions were continuing to affect the entire property market”.
Novice property investors may not have set foot inside a property auction room before and may be unsure of what to expect. With this in mind we are happy to provide a video clip from inside the auction room provided by our friends at NetworkAuctions
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