27 Aug

Property punters "appreciate" immediacy of auctions

Property punters "appreciate" immediacy of auctions

Punters "appreciate" the immediacy of the auction room, but there is still "fundamentally" a lack of stock coming to market, according to one property expert.

Chris Coleman-Smith, auction director at global real estate service provider Savills, said that buyers are attracted to property auctions because of the possibility of securing a home immediately rather than being "messed around".

His comments follow the publication of a report by Countrywide Property Auctions, which revealed that that 72 per cent of its properties offered at auction during July and the first week of August had successfully sold.

"The main thing about auctions that a lot of people miss - and that a lot of our punters that come to the auction appreciate - [is that] you can buy a property on the day. A lot of people miss that big fact," stated Mr Coleman-Smith.

The news comes after the Essential Information Group revealed that the total amount raised at auction was £490.8 million in July 2009, compared to £470.5 million in July 2008.


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