Further reading
Buying a property with planning permission at auction can be advantageous
Why is it so important to use EIG to search whether a property has been to auction before
Today, we witnessed the 14th rise in UK interest rates, the highest rate in 15 years, bringing it from 5% to 5.25%. This smaller increase comes amidst signs that persistently high inflation is starting to ease.
Recently, Nationwide reported a significant decline in annual property values by 3.8% in July, making it the sharpest fall since July 2009. According to the building society, the average home is now worth £260,828, which is a decrease of 0.2% compared to the previous month and a 4.5% decline from the peak recorded in August 2022.
In our July newsletter, we observed a notable 20.1% increase in lots offered at auctions. Could this be attributed to landlords still trying to sell off their tenanted properties due to the interest hikes? Or is there another reason driving such a substantial rise in the number of lots?
Keep an eye out for our next Q3 Auction Report, scheduled for release on September 1st, as we delve into these numbers and analyse the situation further. View our previous Q2 report here.
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
Buying at auction
09/09/2024
EIG Property Auctions: Maximising Your Property Investment
For developers seeking their next renovation project, property auctions are the ideal place to find potential properties.
Buying at auction
29/08/2024
What is property auction finance?
Property auction finance is a specialised type of short-term lending designed to help buyers quickly secure the funds needed to purchase properties at auction.
Buying at auction
19/08/2024
The Two Main Types of Property Auction
There are two main types of property auctions: traditional property auctions and the Modern Method of Auction