It has been reported that the UK’s housing auction market is currently experiencing a decline in sales with fewer buyers frequenting auction rooms than last year. July saw 13.3% less sales than the same month the year before, but this is believed to be partly due to vendors not making their properties available for auction with 8.7% fewer lots made available for sale this year. Although total sales suffered, commercial performed quite strongly against residential properties, which saw a 15.3% year on year drop in sales.
Experts are not blaming the referendum result to leave Europe as the main factor in this market slow down, stating that buyers are still keen to get on with business. With markets being very busy over the past year, a slight slump has come as no surprise and has been put down to fluctuation rather than Brexit. Allsop, one of the UK’s biggest auctioneers, saw strong interest in their first auction after the referendum result, both from UK and overseas parties.
Fashionable London areas are still highly desirable but for properties in other areas interest has fallen. The experts are keen to point out however, that this softening of the market is nothing compared with how the market was affected in 2008 where it came to a practical stand still in the face of the financial crisis.
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