Property Auctions >> Property Auction Blogs >> Property Auctions: Auctions in today's UK market
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Saturday, June 21, 2008
Nearly half of the assets going to auction are failing to sell on the day, as hopeful buyers wait till the bidding has ended prior to making rock-bottom offer on the unsold lots. At the back of the scenes, struggling auctioneers are influencing sellers to drop their reserve prices and some investors are silently snapping up deals for up to 40 per cent below market value. Though property auctions are still attended well, falling prices and worsening credit crunch signify that buyers are interested in buying what they identify as a bargain. Left are the first-time buyers and novice buy-to-let investors. Auction crowd today is made up of experienced homeowners and many seasoned investors with huge cash deposits, who will not pay over the odds for a house.
The reserve price is firmly the lowest offer a seller is ready to accept. It will be usually below the market value of the property and also a little lower than the published guide price, that is set competitively to attract buyers into the auction room. It is only forever disclosed if a possession fails to sell at auction. As the housing market leads to a halt, auctioneers are urging sellers to maintain the reserve as low as possible so as to increase the chances of a sale.
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