FirstRung.Com: Shocking results from recent N.E. property auction The results for the recent auction in the North East, held by one of the largest estate agent groups in the area, would confirm that Auctions are losing their appeal for both Vendors and buyers alike.
The lack of sales cannot be blamed on property being too expensive, most Auctioneers will advise the vendor to place a very realistic, if not low reserve price on the property, in order that interest is stimulated on the day. The low sales, only 25 out of 108 sold on the day, does beg the question, where have all the buyers gone?