The number of properties successfully sold at auction has fallen to its lowest level for three years, according to the Royal Institute of Chartered Surveyors (RICS).
RICS says tighter lending conditions and uncertainty over the outlook for house prices are driving buyers away from auction houses. According to RICS, just 57% of property successfully sold at auction during the final quarter of 2007, down from 69% in the same period of 2006. A total of 4,539 properties were sold at action in the final three months of 2007, a fall of 9% compared with the previous quarter. Oliver Gilmartin, economist at RICS, says: “Fears over further house price falls have taken some stimulus out of achieved sales at the auction house as specialist lending has all but ev...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes