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Shocking Results From Recent N.e. Property Auction

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This article has really shocked me, I was still under the impression that BTL landlords were still getting loads of properties up here in the North. Apparently this is no longer the case and just concludes that the market is stagnant.

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?

No BTL landlords looking to bulge their portfolio, no flippers looking for a doer-upper to make a small quick profit, there was even a lack of FTBs, although confidence in buying at auction does influence first time buyers more than any other group of purchasers.

These figures must also be considered in light of the fact that the N.E. in particular was considered to be the new destination for property dealers looking to buy cheaply and at BMV, (below market value).

On the day that Nationwide issue their latest data, these results should come as sobering evidence that not only has the froth been blown off the top of the market, but that sentiment does appear to be evaporating.


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