26 Nov

Property auctions 'boosted' by receivership sales

Property auctions 'boosted' by receivership sales

The number of properties being sold at auction has increased as a result of receivership sales, an industry expert has said.

Simon Parker, head of commercial auctions at Savills, commented that he had noticed an increase in lots originating from this sector.

He said: "The auction market has seen an influx over the last month (November) of properties coming to the market as a result of receiverships."

Mr Parker added that the firm had expected to see this increase earlier in the year, but welcomed the rise, which will contribute to its December auctions.

"This increase in stock will hopefully go some way to satisfy the growing demand from discerning investors looking for better returns than bank deposits," he stated.

The Land Registry reported that the average house price in England and Wales increased by 0.9 per cent in September compared with the previous month.

However, industry experts have urged caution as increased demand is putting upward pressure on values due to the lack of supply.

In November, the British Property Federation commented that the reduction in supply had created a "bubble" that was unlikely to last once the market opens up again.
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