The number of homes sold at auction has risen by almost two thirds in the past month as buyers seek cheap deals.
Rebecca O’Connor, TimesOnline.co.uk – 2 July 2009
The number of homes sold at auction has risen by almost two thirds in the past month as buyers have packed salerooms in the hope of bargains.
In a further sign that homebuyers believe the housing market may be at or close to the bottom, Countrywide Property Auctions said that 79 per cent of all homes going under the hammer in the first two weeks of June had been sold, compared with 49 per cent in the same period last year.
However, those hoping to profit from a flood of cheap repossessed properties on the market may be disappointed: the number of repossessions for sale at auction has fallen by 43 per cent in the past year.
Separate figures from the Essential Information Group (EIG), the auction website, showed a decline in the number of repossessed lots to 954 in the second quarter of this year, down from 1,674 in the same period of 2008.
