Property Auction Commentary for October 2009Headline Statistics for Residential Auctions
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October auction figures for the residential market show a great performance in that the percentage sold remains high at 72% but more importantly, for the first time in 12 months, the amount of money raised from the auction is UP year on year by 10%! Suggesting that as far as auctions are concerned the property market has certainly turned a corner. Of course these are still 'low' figures compared to 2007, but the fact that more money is being raised is a real indicator that confidence has come back into the market and performance versus 2008 is definitely on the up!
David Sandeman from EIGROUP commented: "The percent sold and amount raised were all up, by some margin in the case of commercial property. 40% more money was raised at commercial sales in October 2009 when compared with October 2008 and residential sales saw a rise of almost 10% in the same period"
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!
These statistics are provided courtesty of EIGROUP
and are produced in detail by region
|Quarterly Auction Headlines ||Oct 09||Aug-Oct 09||Aug-Oct 08||YoY +/-|
EIGROUP SAVILLSFor more market commentary on a national or local level:-
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