27 Aug

Rise in auction sales 'encouraging'

Rise in  auction sales 'encouraging'

It is greatly encouraging that house buyers are returning to auctions after the sector hit a low last winter, one property expert has asserted.

Chris Coleman-Smith, auction director at Savills, which has more than 180 offices and associates worldwide, said that people attend auctions for a variety of reasons, which include looking for investments, developments, buying for their kids and for the future.

His comments follow the release of figures by the Essential Information Group, which showed that 73 per cent of all properties coming to auction in July were sold, compared to 71 per cent in June.

"That's why people come to auction: on the day, they either buy it or they don't," stated Mr Coleman-Smith.

"It works for the sellers; either they sell or they don't. That is a big factor in auctions."

The news comes after Countrywide Property Auctions reported this week that 22 per cent of its homes sold for more than their guide price.


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