Auctions cannot replace estate agents
A spokesperson for the property auction advisor, Essential Information Group, has issued a warning as more homeowners turn to auctions to sell up.
This comes amid news that the number of homeowners using auctions to sell property has increased by 11.9 per cent, despite the actual sale-rate slipping 15 per cent in August 2006.
Many homeowners may have turned to auctions rather than estate agents because of uncertainty over house prices.
However, director of Essential Information Group Favid Sanderman, said: “The expectation of vendors exceeds the willingness of purchasers, especially in the private house market. Private houses are selling at auction, but there has to be a lot of realism about it.”
The UK property auction market is worth in excess of £2.5 billion per year, with the Essential Information Group currently offering industry advice on over 200,000 properties.
The announcement follows last week’s comments from auction house Savills that auctions are a good way to buy a second home.
