10 Sep

Auctions providing more bargains

Auctions providing more bargains

Those seeking to buy a home at an auction are looking more likely to snap up a bargain, as the average price has dropped by close to a quarter, new figures show.

New data obtained by the Liberal Democrats has shown that the average price of homes sold in auctions in Britain in the period between June and August this year was £130,400.

A year before it was £170,300 - 23 per cent more.

Such a situation could enable those looking to pick up an affordable home to do so more easily than before.

Liberal Democrat Treasury spokesman Lord Oakeshott speculated that the fall in house prices could be much more than ministers have suggested.

However, one constraint on falling prices could be a continued shortage of supply, it has been suggested.

This point was made by Jon Neale, head of development research at Knight Frank, who stated that when demand starts rising again there will be "a shortage out there when prices go up again because demand will outstrip supply".

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