Auctions offer best value for property investors

News Category: Industry News

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People looking to buy property in the UK will get good value for money if they go to an auction.

That is according to Savills, which has asserted that people such as landlords who are looking to buy flats or houses will be do well to use auctioneers because they have moved very quickly to adapt to the changing property market.

Auctioneer director Chris Coleman-Smith said that auction houses were left with no choice but to make changes after the credit crunch and the Northern Rock disaster because otherwise they would have not made any profits.

He explained: "Auctioneers are probably more ahead of the game than the private treaty people, simple as that," he said. "Auctions are offering better value in the market than agents are, that's what auctions are about - to offer value to the market and I think auctioneers have to adjust quicker because if they don't adjust they're not going to sell the stuff."

Mr Coleman-Smith said that the adaptability of the auction industry has helped it to increase sales this month and that the industry will work through the downturn in the property market.

"We've been through these [times before]. You go back to '89-'91 and think, 'God, how the hell did we sell anything then?' But we did. Auctions are here and they always will be; good or bad times there's always a market there."

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