Saturday, June 7, 2008

No-one buying at the reserve price

June Auction Results

The percentage of lots sold was 45% significantly lower than any auction results on the website. Many lots had bids on them but no one was prepared to pay the reserve price.

Posted by sc @ 09:56 PM (632 views)
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4 thoughts on “No-one buying at the reserve price

  • 137 Henry Laver Court, Colchester – an ugly two-bedroom BTL flat – was built in 2005 and originally sold by the developer for £249,995 (including incentives). Last week it sold at auction for £120,000. Personally I think that’s still too much, think of the 3x income test or 2.5x joint incomes.

    Apartment 19, Brook Court, Player Street, Nottingham – another BTL monstrosity – sold two years ago for £139,000. Failed to sell at auction, highest bid was £48,000; reserve price was £52,000.

    Overall it’s a mix of repossessed BTL flats, terraced houses in poorer areas, and landlords seeking a quick exit. Don’t be tempted just yet, there are definitely more falls to come!

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  • doom&gloom says:

    A three-bed house next to Richmond Park for £230k (Lot 4)? Some deals are starting to look (relatively) tasty. Definitely won’t be suckered in too early though. Four patient years ahead of me…

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  • doom&gloom says:

    Flat 18 Clarkes Court, Fareham. Unsold at £85k. And it’s close enough to the marina to walk to your yacht.

    When they were new they were fetching £113k – £175k.

    It’s ironic to watch as quite OK places to live become more and more affordable, while the savings just build up in the bank. Quite the reverse of the situation of the last few years….

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  • doom&gloom says:

    34 Robinson Way, Northfleet, Kent. Sold at £275k in July 2006, repossessed and remains unsold at £174k June 2007! It’s walking distance to Ebbsfleet International which is 17minutes into Kings Cross and 90mins to Paris.

    Really cannot get my head around how quickly this is unfolding. Better than porn.

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