| Despite continued reports on the doom and gloom in | | | | security during the present market decline. The |
| the property market in the UK, there are auction | | | | demand also stems from the preference for a quicker |
| houses who say that their businesses are performing | | | | sale with a guaranteed reserve price. |
| very well. Even in the midst of a property slowdown, | | | | Aside from these two auction houses, Sutton Kersh |
| property auction UK remains generally healthy due to | | | | has also reported that it generated more than |
| the popularity of the benefits of buying at auction | | | | £2.5 million after selling 50% of its 68 offered lots |
| compared to purchasing houses through the traditional | | | | at its final Liverpool property auction for 2008. This is |
| estate agency method. | | | | aside from the post-auction sales that are yet to be |
| Property auctions have been a widely held option for | | | | completed. The company also reports that the number |
| many people because of the benefits they offer to | | | | of residential lots it sold at auction in the UK in |
| participants. A property auction UK is an accepted | | | | November increased by 40% year-on-year. |
| way of obtaining property because of the speedy | | | | A new auction fad? |
| transaction involved and the opportunity to acquire | | | | From the figures presented by auction authorities such |
| bargain properties. Regardless of the stabilising | | | | as the EIG, it cannot be denied that property auction |
| property market in the UK, auction houses have | | | | UK remains a recognised method of obtaining |
| continued to report healthy business prompted by | | | | properties. But of late, there has been a new trend |
| property investors looking to buy cheap properties | | | | that many experts claim is bound to surge in popularity, |
| quickly to convert into an investment property. | | | | too. It is called a Dutch auction. |
| Robust sales at property auctions | | | | A Dutch auction is a type of auction where the |
| Blundells Auction House in Sheffield has bucked the | | | | auctioneer starts with a high asking price and gradually |
| trend with its three auctions held in 2008 totaling over | | | | decreases it in stages until a participant accepts the |
| £4million worth of property sold under the | | | | auctioneer's price, or until a predetermined reserve |
| hammer. While figures from the Essential Information | | | | price is attained. When either of the two options is |
| Group signify that the percentage of lots sold across | | | | reached, the winning participant then pays the |
| the UK is 62%, Blundells exceeded this with an | | | | announced price. In theory, this kind of auction is |
| astounding 88% of lots sold for 2008. This proves that | | | | comparable to a sealed first-price auction. A Dutch |
| there are still buyers out there who are more than | | | | auction is particularly advantageous when there is a |
| happy to find and purchase the right property for them. | | | | need to auction a property immediately. The reason is |
| North East estate agents Pattinson is likewise reporting | | | | that with this type of auction, a sale never requires |
| a healthy demand from property investors looking for | | | | more than a single bid. |
| houses via property auction UK. According to | | | | On the whole, many investors will always consider a |
| Pattinson, their monthly bidding session was becoming | | | | property auction UK to be a profitable option because |
| more popular, with over 100 listed homes for sale at | | | | it offers the opportunity to provide a quick sale and the |
| their final auction for 2008. The firm says that vendors | | | | chance to acquire properties below market value - |
| were making the most of reserve prices for additional | | | | regardless of the condition of the property market. |