Information on repossessed properties at auction
Contrary to popular belief the vast majority of repossessions never make the auction room.
In the first instance the Bank or asset manager will try and sell them through normal estate agency channels and only look towards auctions if they still are unsold after trying for several months.
If there are severe legal or structural problems with the properties though they may well go straight to auction.
For many years prior to 2007 the average % of repossessions coming to auction was around the 10% mark. It peaked in Q3 2008 at the height of the financial crisis but quickly fell away after that.
Currently auctions are seeing about 6-7% of all repossessions coming to the room.
EIG provide industry statistics to a regional auction house looking to grow
At the Essential Information Group (EIG) we supply the national and regional statistics for the property auction industry. In the past we have provided statistics for the Bank of England, national news reports, Estates Gazette and many other publications and we regularly receive requests from the 400+ Auction Houses across the UK.
EIG April Newsletter - Essential Auction News
Welcome to the April newsletter that looks back at auction activity in March and preceding periods. Overall lots offered was down 6.5% last month, from 2,962 lots to 2,769 lots, whilst lots sold fell by 5.7%, from 2,188 lots to 2,064 lots. The total raised at auction fell by £32M to £402M, down 7.3% from £434M raised in March 2016.
EIG feature in Martin Roberts new book 'The Property Auction Guide'
Martin Roberts, famous for presenting the popular BBC TV series 'Homes under the Hammer' recently launched his new book 'The Property Auction Guide'. EIG were very pleased to be asked to contribute to the content and provided the latest data and comparative statistics for the industry.