Successful auction sales of residential property decline
Published: 03-Mar-2008
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Last year saw a decline in the success rate for residential properties sold at auction, which dropped to the lowest level for three years.
That is according to the Royal Institution of Chartered Surveyors (Rics), which revealed that the number of auctioned properties that fell under the hammer decreased from 69 per cent to 57 per cent between the final quarters of 2006 and 2007.
It was discovered that the number of properties left unsold at auction stood at 3,310, representing an increase of over 50 per cent from the previous year.
Repossessions accounted for 20 per cent of residential properties offered at auction in the final quarter of 2007, a figure which Rics anticipates will increase in the coming year.
Oliver Gilmartin, Rics economist, commented: "Fears over further house price falls have taken some stimulus out of achieved sales at the auction house as specialist lendinghas all but evaporated."
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