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Repos at auction down by two-thirds

Monday, December 21, 2009 by Catherine Deshayes

There was a sharp drop in auction activity last month, as repossessions stayed out of the sales rooms...

In the last quarter of 2008, 2,941 repossessions went through the auction rooms. In the last quarter of this year, the total number of repos at auction will have been just 941.

Both overall volumes and values at auction were sharply down on October and also on November last year.

In November this year, the number of lots on offer fell 36% compared with October, to under 2,000 across the UK. Sales rates achieved were 63%.

Compared with November 2008, the number of lots on offer slipped 22%.

However, Essential Information Group, which monitors the auction market, points out that transaction volumes in the private treaty market have fallen even more.

Source: www.estateagenttoday.co.uk

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Get bidding for a place in the sun

Thursday, November 12, 2009 by Catherine Deshayes

A Place in the Sun Ltd has announced the launch of an ‘A Place in the Sun' auction of Spanish property, which takes place on Sunday 13^th December 2009 at London's Radisson SAS Portman Hotel, London W1...

The auction of key-ready properties on the Costa Blanca, Costa del Sol, Costa Calida and Costa Almeria will see around 60 lots brought to market at discounted prices of up to 50% and in some cases with no reserve price at all.

APITS Ltd, publisher of A Place in the Sun magazine, aplaceinthesun.com and organiser of A Place in the Sun Live, will partner with UK auction house Barnett Ross to present a range of property types to attract UK buyers back into the market.

The company believes the auction will stimulate the overseas property market in the UK and draw attention to competitively-priced property in Spain and the rest of the world.

Andy Bridge, managing director of APITS Ltd said: "A Place in the Sun brings buyers and sellers together at our live events, through the magazine and the website, so the auction format is a logical and innovative extension of our business.

A Place in the Sun Live at the NEC earlier this month was extremely successful and it feels like there is more of an appetite from the public to re-enter the property market. We hope this auction will build on that success to get things moving again."

Jonathan Ross, auctioneer at Barnett Ross, said: "We see a real opportunity here. In 2007/08 we sold 17 of 18 Portuguese lots at auction and therefore are keen to explore the overseas market again. Our experience and expertise will help A Place in the Sun run what should be a fascinating event."

Agents have been invited to submit properties on behalf of developers with strict selection criteria to ensure buyers get a genuine bargain in a development that is completed. In addition most of the properties are within 40 minutes of an airport and just minutes from a beach.

An online and printed catalogue will launch on Monday 16^th November 2009 to give buyers four weeks in which to visit the properties and view legal packs prior to auction.

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Oz: pressure on interest rates

Tuesday, October 27, 2009 by Catherine Deshayes

Another strong weekend for Australian property auctions has intensified pressure on the Reserve Bank to increase interest rates...

While Melbourne and Sydney sales were slightly down on the previous weekend, the national clearance rate average is expected to remain above 70% for the 16th consecutive week.

Source: The Australian

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