Wednesday, June 25, 2008

Essential Auction News – June newsletter that reviews auction activity for May 2008

Essential Auction News

David Sandeman of EIG was speaking on BBC radio for the North this morning and stated that Riverside flats in the Newcastle upon Tyne area have been selling at auction at around 50% off the price paid approximately 2 years ago. The regional figures make very interesting reading ! "Continuing market conditions have seen the overall sales rate slip 3 points from last month to 56%. It should not be forgotten however that the auction process did sell over 2,100 lots in May, no mean achievement in this market"

Posted by jack c @ 07:57 AM (764 views)
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4 thoughts on “Essential Auction News – June newsletter that reviews auction activity for May 2008

  • little professor says:

    Only half of all auction lots were sold last month – that reflect the true value that people are prepared to pay, and exposes the overinflated reserve prices set by foolish distressed sellers.

    See M21’s great thread on yesterday’s auction, over in the main forum. Makes sobering reading – huge losses being incurred.

    http://www.housepricecrash.co.uk/forum/index.php?showtopic=80215

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  • Taking the London figures, if you look at the number of lots sold and what they raised in total, the average price achieved dropped 21% in 12 months. Probably dangerous to infer too much from one smallish data set, but you can’t help feeling that’s probably about right.

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  • I’m a reporter for ITV Tyne Tees and wondered if anyone knew someone who’s sold a flat recently in Newcastle and lost money?

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  • 3. Dani said…”I’m a reporter for ITV Tyne Tees and wondered if anyone knew someone who’s sold a flat recently in Newcastle and lost money?”

    As a suggestion – why not do a little more genuine investigative journalism on this topic and have it as a feature on the local Tyne Tees “North East Tonight” programme which goes out 6pm weekdays – this would (IMO) bring a focus to a vitally important topic. Phillipa Tomson & Jonathan Morrell have a feedback feature where they invite responses from the public via e-mail on the daily topics covered in the programme – I’m sure some members of the public would then come forward with their real life experiences and the subject could be broadened from there.

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