Property auctions 'worth considering'

16-Oct-2008

First-time buyers (FTBs) may be interested to know that property auctions are ever-growing in popularity.

According to Lucian Cook, spokesperson for Savills, says that the public are often unaware of bulk auctions which take place in their region.

"If they are confident at buying at auction then it is something they should consider," the expert advises.

Large collective auctions are often not on the radar of FTBs, he continues, but could prove a worthy investment, especially when recent statistics on auctioned property are taken into consideration.

According to calculations made by 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 £170,300 average during the same period last year.

Homes sold at auction have fallen by an average of over 23 per cent over the last year, the findings reveal.


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