The fun starts for 2014 after 2013 was bang-on for auction sales.
More investors are going to auctions as they believe that’s where the real profit is.
With hundreds of properties being sold each week across Britain, Allsop (Leading Auction Company) sold 205 properties in February, raising £53.5million with a success rate of 87%. 41% of the lots were sold within the M25, but the demand was certainly at its highest for properties in Greater London and signs of an improving regional market were also in evidence.
Auction rooms at the start of sales are fuller now then they have been in the previous years as competition for vacant houses are becoming fiercer. Strong bidding from owner occupiers, buy-to-let investors and small developers are pushing prices on vacant houses to levels which were close to, or exceeded, previous private treaty asking figures.
Apart from a packed auction room, the sales also attract stiff competition from over 400 parties who be registered to bid by telephone, internet or proxy.
Auction buyers are increasing day by day with the majority of purchases registering to bid by internet is significantly showing increase in property sales.
In many parts of the UK, auctions are becoming popular so it comes to the question of, are auctions the next big thing in the property industry?