Property sold at auction triples in decade says Rics

Posted: 14 Nov 2006 10:14:49 GMT

The number of properties being sold at auction grew 12 per cent between 2003 and 2005, research for the Royal Institution of Chartered Surveyors (Rics) has found

The number of properties being sold at auction grew 12 per cent between 2003 and 2005, research for the Royal Institution of Chartered Surveyors (Rics) has found.

Last year, 15,514 residential properties went under the hammer, a small but significantly growing share of the property market.

More than 1,000 auctions were held across the UK in 2005, seven times the number held in 1996. Lots sold at auction have grown threefold in the past decade.

"More people are turning to auctions to buy and sell property because of the simplicity and speed of the process, with deals agreed on the day," said Rics.

Their popularity has also increased as auctions have become more transparent and open to non-insiders.

More than 70 per cent of properties sold at auction in the last year and a half have gone to immediate sale, with 95 per cent at some sales finding buyers.

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