Auction Properties Property News | Repos at auction down by two-thirds

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Repos at auction down by two-thirds

12/21/2009 10:20:00 AM

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