Speaking about the auction in February Gary Murphy, Partner and auctioneer for Allsop highlighted the fact that the auction room was the fullest it had been since early 2007. There was strong interest from owner occupiers, buy-to-let investor and small builders / developers prices were pushed to close to or exceed private treaty prices.
Auction prices tend to foreshadow the rest of the property market as prices clearly reflect what buyers are prepared to and able to pay.
Interestingly, the yield on assured shorthold property dropped significantly below 10% to 8.47%. It looks like landlords and investors are able to finance their investment and now have the confidence to get their cheque books out.
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