Auction lots up, prices down Article by Stephen Crompton Russell and Russell
20th February 2009
According to David Sandeman, managing director of Essential Information Group, which monitors UK auction activity, there was an increase in the number of residential properties on offer through auction houses compared with January 2008. Furthermore, lots that went through auction sales in January achieved an encouraging selling rate of 67%.
However, despite more properties both on offer and selling, the overall amount raised last month was less than a year ago. In January 2008, there were 631 lots, compared with 770 last month a rise of 22%. In January 2008, 455 of properties sold, raising £52.6m. In January 2009, 526 lots sold, raising a total of £50.8m. This fall occurred notwithstanding the rising number of repossessions going through the salesroom and is a clear reflection of falling house prices despite.
Russell and Russell work closely with Miller Metcalfe Auction Department in Bolton and Auction House Humphreys in Chester. Both have regular auctions scheduled over the course of the remainder of this year.