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The Colour

House Auctions At Three-year Low

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http://news.bbc.co.uk/1/hi/business/7274889.stm

The number of properties sold at auction hit a three-year low amid a credit squeeze, the Royal Institution of Chartered Surveyors (Rics) says.

In the final three months of 2007, some 57% of properties were sold after being put up for auction, compared with 69% in the same period of 2006, Rics said.

Total sales were also down, although it remained a popular way to sell homes, according to Rics.

House price rises have stalled in subsequent months, other surveys show.

The Rics figures show 4,539 properties were sold in the final quarter of 2007 at auction, a fall of 9% compared with the same period the previous year and also down 9% on the previous three months.

That left 3,310 properties unsold, a 50% rise more than in there months running from October to the end of December in 2006. (what does this actually mean)

Tough year

The slowdown was particularly marked in London and the North East, the survey said.

"Fears over further house price falls have taken some stimulus out of achieved sales at the auction house as specialist lending has all but evaporated," said Rics economist Oliver Gilmartin.

"While lots offered at auction have stabilised, we expect a tougher year for many at the margins in 2008 as mortgage providers become more selective."

He added that the mid-tier of the market would be affected, as well as people with poor credit histories feeling the pinch.

But Rics said that going to auction was still a popular method of sale, with 15% more residential properties being offered for auction in 2007 than the previous year.

Love that quote at the end. Auctions are still very popular, 15% more than last year, wow thats excellent. Except, wait. Doesn't that mean....

Yes, it means that 15% more people are screwed than last year.

Edit: Damn you, Homeless.

Edited by The Colour

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http://news.bbc.co.uk/1/hi/business/7274889.stm

Love that quote at the end. Auctions are still very popular, 15% more than last year, wow thats excellent. Except, wait. Doesn't that mean....

Yes, it means that 15% more people are screwed than last year.

Edit: Damn you, Homeless.

ah well i decieded to delete mines :)

your show baby

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In the final three months of 2007, some 57% of properties were sold after being put up for auction, compared with 69% in the same period of 2006, Rics said.

What it actually means is that sellers have put their reserves too high.

There have been several excellent 'live auction' threads on HPC lately and while some flats have seen 50pct drops, many have not sold because the sellers (most often the mortgagees) have not yet been prepared to bite the bullet.

I like the Barnard Marcus auction, because it is one of the largest and tends to have wide range both in price and georgraphy.

http://www.eigroup.co.uk/auctioneers/templ...p;c=brn&i=1

The next one is on March 13 2008.

It will confirm the direction of the market and give an idea of how fast the collapse will happen.

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In the final three months of 2007, some 57% of properties were sold after being put up for auction, compared with 69% in the same period of 2006, Rics said.

What it actually means is that sellers have put their reserves too high.

There have been several excellent 'live auction' threads on HPC lately and while some flats have seen 50pct drops, many have not sold because the sellers (most often the mortgagees) have not yet been prepared to bite the bullet.

I like the Barnard Marcus auction, because it is one of the largest and tends to have wide range both in price and geography.

http://www.eigroup.co.uk/auctioneers/templ...p;c=brn&i=1

The next one is on March 13 2008.

It will confirm the direction of the market and give an idea of how fast the collapse will happen.

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Love lot 166 - given that newbuild flats tanked at 50-60K last week, 25K for a studio flat on Forest Road West seems, shall we say, a little optimistic? Unless you're a local "Working Girl" that is...

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Love lot 166 - given that newbuild flats tanked at 50-60K last week, 25K for a studio flat on Forest Road West seems, shall we say, a little optimistic? Unless you're a local "Working Girl" that is...

So where do you find out about local auctions?

I know the barnard one because thats who sold the public loo in New Moston last month

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It will be interesting to compare percentages of properties sold to last year. March April and May are traditionally very strong auction months. Last year percentages sold were 82%, 80%, 76% for these months.

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  • 293 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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