Auctions properties stills seem to be selling below average house prices.
Of the 2,034
properties sold at auction in May the average price was just £128,466, according to stats from the EI Group.
Twenty percent less than the 20% average house price of £160,417 in England and Wales.
EI Group managing director David Sandeman commented that “Lots offered and sold in the month were both up on last year (by
7.3% and 8% respectively), whilst larger increases are evident in the
rolling quarter and year,”
Interesting stats but what does it tell us that we don't already know, ie, it tends to be the duff property that cant sell that ends up at the property auctions. So expect to pay less for property at auction, but also don't be surprised by subsidence, finding your property is directly under a flight path, rowdy neighbours, rising damp, seventies decoration ( that's pretty much a cert, dog smells, sitting tenants, infestations, Homes under the Hammer TV crew... I'm sure you can think of a few more.
But don't let me put you off, there are true bargains to be had, but be cautious.
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