Auction sales slump according to National Homebuyers
Many homeowners may seek a fast property sale in light of new negative figures about the UK housing market.
[UKPRwire, Wed Mar 12 2008] The Royal Institution of Chartered Surveyors (Rics) has revealed that the percentage of properties which were put up for auction in the final quarter of 2007 that were actually sold slumped heavily.
Just 57 per cent of auction properties were bought, falling from 69 per cent in the previous quarter and down nine per cent annually.
It means that fewer buyers are entering the market and may lead to a surge in people seeking a fast property sale.
"Fears over further house price falls have taken some stimulus out of achieved sales at the auction house as specialist lending has all but evaporated," said Oliver Gilmartin from Rics.
"While lots offered at auction have stabilised, we expect a tougher year for many at the margins in 2008 as mortgage providers become more selective.
"Whilst tightening credit conditions will be most acute for those with a poorer credit history, less generous loan amounts and the introduction of some upper limits on loan advances could equally hit the mid-tier of the market, increasing the number of properties languishing on auction property books," he added.
Fast property sale expert Julian King adds, " If properties are not selling at auction, then vendors hoping to achieve a quick and fruitful sale on the open market are living in cloud cuckoo land.
"The delays, costs and uncertainties of selling on the open market are made worse by the severe lack of buyers available in the market at the moment.
"Homeowners who need to sell property quick are advised to consider a quick sale. Likewise, homeowners who are seeking a quick sale because they are facing repossession or financial difficulties are advised to do the same".
Mr King is a director of National Homebuyers, the UK's leading quick property sale firm. Mr King advises people considering a fast property sale to use only reputable national companies. He is also a founder of APBA, a organisation lobbying for regulation in the quick sale and Sell and Rent Back industries.