FTBs should consider property auctions to judge values, expert says

25-Sep-2008

First-time buyers (FTBs) should consider buying property from an auction as they give a degree of transparency, according to one expert.

Those looking to get on the first rung of the property could find a property auction enables them to better see what they are paying for, says Savills spokesperson Lucian Cook.

"Therefore they can judge where the value of that property lies in the market," he comments.

Property auctions also allow developers to find out the true value of property and protect their revenues, Mr Cook adds.

Last month the average price of a house in the UK was £164,654 according to Nationwide.

That represents a 1.9 per cent decrease on July and a 10.9 per cent fall from August 2007.

According to Liberal Democrat treasury spokesperson Lord Matthew Oakeshott, the average price of the 3,993 houses sold at auction between June and August this year was £130,400.

This is 23.4 per cent lower than during the same period in 2007.

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