Auction Fever Hits London

Posted on 10 August, 2013 by Jodee Redmond

Auctioneers are seeing more lots fetching higher prices as auction fever returns to London.

A total of 156 property auctions were held throughout the United Kingdom in June and over 72 per cent of lots were sold, for a total price of almost £239 million.

This level of activity has not been seen since the market hit its peak in June, 2007. At that point, 2,328 lots were sold.

In the commercial market, 506 lots were offered in June and the majority (70.8 per cent) were sold.

London is currently the hotbed of auction sales. The majority of commercial lots (86.7 per cent) offered in the capital were sold.

This is in contrast to Scotland, where only 58.2 pe rcent of commercial lots ended up changing hands.

According to anecdotal accounts, some London buyers are getting caught up in the wave of buying fever and are paying prime prices for secondary properties. Guide prices are being regularly exceeded in a number of instances.

The prognosis over the medium-to-long term is promising, with sizable gains made in all but two of the quarterly and yearly comparisons.




Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Recent Posts

Interest Rates Impact on Commercial Property

Commercial Property Investment Outlook for 2023

The best places to stay on the Riviera

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants