FTBs "should consider property auctions"

29-Sep-2008

First-time buyers (FTBs) looking to get on the first rung of the property ladder should consider buying at a property auction, one industry expert advises.

Many FTBs are not aware of what is on offer at auctions, says Lucian Cook, spokesperson for Savills, but could find it worth their while to look in to the sales as a way to buy their first property.

"If they are confident at buying at auction then it is something they should consider," Mr Cook comments.

According to calculations from 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 the average of £170,300 of houses sold during the same period in 2007.

Meanwhile, figures from Nationwide show that the average price of a house in the UK last month was £164,654, which represents a 1.9 per cent fall from the previous month and a 10.5 per cent drop from August 2006.

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