The South East Home Counties saw a 27 per cent increase in the amount spent on property at auction between April and June, compared to the same period last year, despite a very small dip (0.1 per cent) in the number of lots on sale.
The latest figures, from the Essential Information Group, analysed property auction activity in the immediate run up to the Brexit vote, as well as taking into account the last week of the quarter, which followed the decision.
The total spent at auction during April and June 2016 was £203,114,900, up from £159,698,400 during the same quarter in 2015. The number of properties on sale this year however was nearly the same, with just a 0.1 per cent decrease.
Scott Hendry, director at Together, said: “Before the referendum the property market in the South East, including auction, was buoyant, with prices rising steadily and houses selling fast. We are yet to see what long-term impact Brexit will have on this, but we hope to see the property auction market continue to flourish. As the figures show, houses at auction are selling well in the region, in line with the general housing market, and anyone looking to buy or invest in property in the area should look in to local auctions.”
James Emson, managing director of Clive Emson property auction house based in Kent, said: “The number of lots for sale, or sold, at auction across the region remained the same, but properties have been selling for more, highlighting the quality of the properties available at auctions for buyers and investors, be it commercial or residential.”
Commercial auction property sales were particularly strong in the South East with a 65.3 per cent increase in the total amount raised in the second quarter of 2016, compared to 2015, reaching over £67 million.
Residential auction property sales raised 14 per cent more in the last quarter than the same period last year, in spite of a 2.9 per cent decrease in the number of lots sold.
As a specialist provider of auction finance, Together attends over 300 auctions on average every year and financed more than £82 million of auction purchases in the 12 months to 31st March 2016.
For more information on auction finance with Together visit www.togethermoney.com
"We are yet to see what long-term impact Brexit will have on this, but we hope to see the property auction market continue to flourish."
Scott Hendry, director at Together
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