Per cent sold
Against a long term average sale rate of 76 per cent, the rate peaked at 78.2 per cent in 2006 before falling to a low of 62.8 per cent in 2008. Since then auction sale rates have remained fairly consistent at around the low to mid 70’s, and the H1 2011 rate of 73.2 per cent backs up the positive signs shown by the lots offered and lots sold graphs indicating a stable market.
Amount raised
As with the other metrics the amount raised for residential property at auction increased steadily throughout the last decade, reaching an all-time high in H1 2007 with over £1.8 billion in receipts. The property market correction shortly after this period resulted in a decline in property values and a reduction in the number of lots being offered and sold. This is reflected in the graph below, where in 2008 and 2009 the amount raised at auctions for residential property dropped by 28 per cent and 24 per cent respectively. However as the graph shows the market has now stabilised and one would hope that this continues and grows.
Conclusion
All sectors and metrics of the property market saw a peak in in 2007/2008 followed by a rapid decline, and the graphs above show us that auctions fared no differently. However auctions have not experienced the same levels of decline as the wider property market,
Graph 4 CONCLUSION
4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0%
2006 2007 2008 2009 2010 2011
Residential sales at auction as a percentage of all land registry sales for H1.
and indeed the signs from the last couple of years show a stabilising market and in some metrics even an improving one. The final graph, which plots the number of residential sales at auction as a percentage of all land registry sales, shows how the auction market share of residential transactions has doubled from 1.5 per cent in 2006 to three per cent in 2011. I would expect to see this trend continue in the forthcoming months and years as vendors and buyers alike increasingly see auctions as a viable and effective means of buying and selling property.
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info@hendersonsigns.co.uk A sign of quality PROPERTYdrum SEPTEMBER 2011 51
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