Could auctions offer hope in a sluggish property market?

Could auctions offer hope in a sluggish property market?

Essential Information Group (EiG) reported a bumper September for the residential auction sector with 2,546 lots sold – up 11% and the largest volume of sales recorded since 2012.

This is in stark contrast to the Rightmove Property Index which noted “The usual Autumn price bounce has so far failed to materialise.”

Across the housing market, indices are looking bleak with the September 2017 RICS UK Residential Market Survey noting the results “are again symptomatic of a market lacking momentum at the national level.”  Commenting “Feedback from contributors suggests the recent shift in interest rate expectations may be contributing to the more cautious tone in market sentiment... In terms of the outlook for house prices, three month expectations are now modestly negative at the national level.”

However, Toby Limbrick, Director and Auctioneer of Network Auctions, claims this picture is not across the board as Network Auctions recorded a bumper year with revenues increasing year-on-year by 11%, up from £28m to £31m.

"Auctions offer hope in a sluggish property market," he claims. "We have recorded one of our best years with two mammoth multi-million pound sales – a first for our company."

EiG’s latest figures would seem to confirm Limbrick’s confident predictions on the property auction sector, their latest residential revenues show an increase of £61m on last year to £403m in September 2017, noting these numbers are ‘indicative of a competitive market with bidders seemingly not unnerved by talk of impending interest rate rises.’

Limbrick agrees; "We’ve had a record year with many sales achieving well over their guided price. For the right property, there are still plenty of buyers with money."

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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