Property auctions will always generate interest

Posted: 31 Mar 2008 11:03:18 GMT

The UK's property auction market will remain strong, according to one expert.

The UK's property auction market will remain strong, according to one expert.

Despite the global credit crunch and a recent downturn in the number of properties being sold at auction, Savills is confident that the auction market will remain.

A recent report from the Essential Information Group showed that the number of properties sold in this way fell by 9.9 per cent annually in February.

However, Chris Coleman-Smith, auctioneer director at Savills, said that he believes there will always be a market for property auctions, particularly as the market can adjust so quickly.

"We've been through these [times before]. You go back to '89-'91 and think 'God, how the hell did we sell anything then?' But we did," he commented.

"Auctions are here and they always will be; good or bad times there's always a market there.

"I think auctioneers have to adjust quicker because if they don't adjust they're not going to sell the stuff," continued Mr Coleman-Smith.

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