LegalinX-7Side report on auction market in post Brexit slow down

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.

LegalinX-7Side have been providing property search services to conveyancing professionals for over 20 years and provide both residential and commercial reports and searches nationwide. Our user friendly ordering platform features recommended searches and an area mapping facility with reports sent directly to you. For more information on our products and services visit our Conveyancing Searches page

This article was submitted to be published by LegalinX-7Side as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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