Tag Archives: auction prices

Homes at auction 20% cheaper than average House Prices, Landlord News, Latest Articles, Lettings & Management, Property Investment News, Property Market News, Property News, Property Sourcing

Homes selling at auction in May sold for around 80% of the price of an average home.

The latest figures from auction monitor EI Group show 2,034 properties changed hands for an average price of £128,466 in May 2012. Continue reading Homes at auction 20% cheaper than average


Auction homes sell for 37% less than average house prices Buy to Let News, Latest Articles, Property Auctions, Property Sales & Sourcing

Homes going under the hammer at auctions are going up in value, but are still significantly below average house prices.

April figures for homes sold at auction show 1,479 properties were sold for an average price of £101,060, according to auction monitor EI Group. Continue reading Auction homes sell for 37% less than average house prices


Homes at Auction 14% Cheaper than Estate Agent Prices House Prices, Latest Articles, Property Auctions, Property Market News

Homes under the hammer at auctions ended the year with a widening gap compared with the prices of property sold by estate agents.

December figures for homes sold at auction show 2,448 properties were sold for an average price of £139,401, according to auction monitor EI Group. Continue reading Homes at Auction 14% Cheaper than Estate Agent Prices


Auction Homes Sell for 40% Below Market Value Latest Articles

Home prices at auction sales are almost 40% less than average property prices reported by major mortgage lenders.

November figures for homes under the hammer show the average price of the 1,098 homes sold under the hammer was £103,477 – up 1.12% on the £102,322 average 12 months ago. Continue reading Auction Homes Sell for 40% Below Market Value


Homes Under the Hammer Cost 20% Below Market Value Latest Articles, Property Market News

Prices for homes sold at auction are running at about 20% below market value, according to the latest round-up of figures for homes that went under the hammer in October.

Property buyers snapped up 1,759 homes for an average £126,580 each – compared to the Land Registry’s average home price for the month of £159,999. Continue reading Homes Under the Hammer Cost 20% Below Market Value


Auction Homes Still Selling at 30% Below Market Value Latest Articles, Property Auctions, Property Market News

Homes under the hammer are still knocking up strong sales with almost 2,500 properties changing hands for £282 million.

Around 70% of all homes up for auction were sold, according to the latest UK auction statistics for September from EI Group.

The number of lots sold were up from 3,450 (3.8%) on a year ago, while the total cash raised was up 11.3% from £254 million. Continue reading Auction Homes Still Selling at 30% Below Market Value


Property Auction Due Diligence & How Much To Bid Latest Articles, Property Investment Strategies

Mark Alexander, founder of Property118.com

Mark Alexander founder of Property118.com

I have purchased some of my best property deals at auctions but it is not for the faint hearted.

When buying at an auction these are the major considerations:

  • Why wasn’t the property sold by an estate agent? They are usually marketed by an estate agent before they get to auction!
  • Is there a problem with the title? You can either pay a solicitor to check this or you can pay a solicitor to teach you what to look for in the auction pack. I’ve found the latter to be a more cost effective option.
  • How much will you need to spend on the property? I always get them checked over by an experienced builder who is able to spot any structural defects and can give me a guide price to refurbish the property to my specifications. Continue reading Property Auction Due Diligence & How Much To Bid

Auction homes sell for 25% below market value House Prices, Latest Articles, Property Market News

"House prices 25% cheaper at auction"

The average cost of a home bought at auction is 25% below market value, according to new research. The same figures relased in June appeared to be at 32%.

The latest Land Registry average price of a home in England and Wales for June is £161,479, compared with the average cost of a residential auction lot going under the hammer for the same month as £121,394.

Figures collated from all residential property auction sales in England and Wales for the three months ending June 30 by the Essential Information Group disclose 4,587 lots were sold for £556.8 million.

In Scotland, 74 out of 131 lots were sold for £3.67 million.

For the UK, the number of homes going to auction was up year-on-year by 8.7% to 6,507, although the number of lots sold was up 21.3%.

Around 72% of all homes put in to a sale were bought – up 17.6% on the previous year.

“The trend we have seen emerging over the past few months continues with a strong set of figures below,” said David Sandeman of the Essential Information Group

“While reports coming from the private market are that the market is slowing and many properties are remaining unsold, the auction market is bucking the trend with increasing number of lots selling.”

Although homes are selling an average 25% below market value at auction, the market is continuing to grow, as quarterly comparisons show.

“Overall we have seen double digit growth in lots sold, percentage sold and total raised,” said Sandeman. “Broadly similar numbers are coming through in the quarterly comparisons, with the yearly figures seeing a 6% increase in lots sold and a small decline in amount raised.”

Meanwhile, according to the Land Registry, house prices in England and Wales stood still from May to June with an average year-on-year house price drop of 2.5%.

The figures line-up with most other house prices surveys which broadly show the rate of house price falls is still slowly dropping and will bottom out some time over the next few months.


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