27
Aug
Rise in auction sales 'encouraging'
It is greatly encouraging that house buyers are returning to
auctions after the sector hit a low last winter, one property
expert has asserted.
Chris Coleman-Smith, auction director at Savills, which has more
than 180 offices and associates worldwide, said that people attend
auctions for a variety of reasons, which include looking for
investments, developments, buying for their kids and for the
future.
His comments follow the release of figures by the Essential
Information Group, which showed that 73 per cent of all properties
coming to auction in July were sold, compared to 71 per cent in
June.
"That's why people come to auction: on the day, they either buy it
or they don't," stated Mr Coleman-Smith.
"It works for the sellers; either they sell or they don't. That is
a big factor in auctions."
The news comes after Countrywide Property Auctions reported this
week that 22 per cent of its homes sold for more than their guide
price.
