Record crowds flock to festive property auctions
28th November 2011
Press release
RECORD numbers of property investors will seize Christmas bargains by spending more than £400m at property auctions in December, predict experts.
More than one hundred auctions are scheduled to take place across the UK in December. Experts predict the busiest Christmas for five years as low prices and better winter weather means there will be greater appetite to get the deal done before Christmas.
Last year more than 2,000* properties were sold in December at auction with a total value of £400m**.
Chris Baguley, Director of Auction Finance Limited, the national lender, predicts a bumper season:
“Buyers are desperate to get tenants into their properties before Christmas or in the New Year. We’re expecting even more cases to come in this side of Christmas because the snowy weather of the past two years made it physically tricky for tenants to move in. We predict the completion rate will be higher this Christmas compared to 2010 and auctions will be packed with property professionals hunting fantastic opportunities.”
David Sandeman of the Essential Information Group added:
“It’s always a busy time of year for auction houses and we feel there will be an even stronger appetite this year. If you want a quick sale or a quick purchase, December is a good time to be looking at the auctions. ”
For a full list of auctions in December see www.auctionfinance.co.uk
Ends
For further information, interviews and photography contact
Peter Davies
peter@rmspr.co.uk - 0161 927 3131
Notes to editors:
- In December 2010 there were 126 auctions held across the UK. The number of lots offered was 3203, lots sold was 2,349* (73.3%) and total raised was £399,723,312**.
- Auction Finance Limited typically lends 70 to 75 per cent on a property and loan sizes vary from £25,000 to £1m, with an average loan size of £74,500.
- The Essential Information Group is the universally recognised authority for data on UK property auctions, providing comprehensive monthly statistics on industry activity and full details for every lot on offer throughout the country. It works closely with auction houses arranging the transmission of guide prices, results and the provision of catalogues for interested parties.
RMS PR - 0161 927 3131
0161 927 3131
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