Auction Property Market Update July 2010
Skip to Headline Statistics or Useful ResourcesHeadline Statistics for Residential Auctions
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!
These statistics are provided courtesty of EIGROUP
and are produced in detail by region
Quarterly Auction Headlines
EIGROUP SAVILLSFor more market commentary on a national or local level:-
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