There are more positive signs for the housing market as property auctioneers mustbesold.com sold 70% of the properties at its most recent auction, reaching on average 11% above the reserve price. Ongoing negotiations are expected to take the overall sold rate to 85%, which is significantly higher than the average property auction success rate of 64%.
Mustbesold.com Chief Executive Paul Smith said: “If you are looking for a quick purchase or sale then auctions offer an ideal way to exchange as property buyers receive the keys to their new home within just three weeks.
“Over the last year, these auctions have gone from strength to strength. The guide prices are always an accurate reflection of the current market and this month the prices were raised to reflect the increase in house prices. The fact that houses then sold for an additional 11% on average shows the property auction business is booming. This is a very positive sign for the housing sector.”
Mr. Smith continued: “We were extremely pleased with the results of the latest auction. To sell such a high proportion significantly above the asking price is a great achievement. The success was a result of the right properties being offered, strong marketing and vendors who were prepared to take our advice on pricing and reserves. We are always keen for both buyers and vendors to exchange at a fair cost.”
The next auction begins at 1pm on 26 August 2009 at the Russell Hotel, 1-8 Russell Square, London. More than 100 properties are being auctioned on behalf of a wide variety of institutions, including housing associations, local authorities and mortgagees in possession.
Mustbesold.com auctions offer the opportunity to watch the auction live online so those who are unable to attend are still able to monitor the bidding in real time. Please see www.mustbesold.com for more details.