Home.co.uk
Home.co.uk

News: Value Of Homes Sold At Auction In Freefall

Thu, 11 Sep 08

The value of homes sold at auction is plummeting, according to latest research by the Liberal Democrats.

Between March and May this year the average value of homes sold at auction was 17% lower than during the same period the previous year.

The average sale price of the 4,748 properties sold during March to May this year was just £140,500, down from £169,200 last year.

May was a particularly bad month when an annual price fall of 18.5% was recorded.

The number of properties that are offered at auction and then sold is also dwindling. Between March and May only 57% of properties at auction were sold, down from 2007’s average sale rate of 74%.

The Lib Dem’s Treasury spokesman Lord Oakeshott said: “Auctions are the sharp end of the housing market where real deals show the prices paid by real buyers. The published house price indices are well behind the game.”

He also reiterated long standing LibDem calls for housing associations and councils to be given powers to buy empty homes for social housing.

 

By Joe Lepper

 

See Also – Selling at Auction

Back to: News Index