Auction activity still hovering at low point
News Category: Industry News
Published: 23-Aug-2010
Sales rates at auction sales are continuing at a low level, with around 35% of stock not selling.
In July, out of 3,910 lots on offer, 2,569 sold – a sales rate of 65.7%. In July 2009 the sales rate was 73.3% with a similar number of lots on offer.
The number of lots on offer is 30% lower than in the first half of 2007 – the peak of the property market. However, this should be compared with a 60% drop in overall transactions recorded by the Land Registry.
David Sandeman of Essential Information Group, which monitors all auction activity in the UK, said: “While we have seen a decline across all the metrics for measuring activity in the auction market, the numbers do show that the decline has slowed down or arrested.”
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