Auction properties sell for 55% less than the average UK house price
The latest data from Rightmove shows that average UK house prices hit £371,158 in October, whilst the average residential property sale price at auction was £164,110.
With the UK property market on the precipice of a crash, homebuyers are cautious. There is uncertainty and volatility.
But recently, there has been an increase in residential properties available and sold at auction.
In October there were 2,400 residential properties available at auction, up 23.6% year-on-year, with 1,669 lots selling, up 12% YoY.
We recently surveyed over 1,000 property investors & we discovered they had purchased 420 properties via auction. And of those respondents, 56.43% intend to invest in property in 2023.
Rising rates amid the cost of living crisis increased house repossessions by 15% between July & September with 700 homes repossessed. During the same period, there were 390 buy-to-let properties repossessed, a rise of 11%. As more property owners are unable to meet their monthly mortgage payments and more property is repossessed, lenders will be looking to offload their assets and there is likely to be an increase of property available at auction.
But where are the property auction opportunities? Where are the most properties available at auction? And where are the best prices?
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