House Auctions Get Popular For Christmas

RECORD numbers of property investors will seize Christmas bargains by spending more than £400m at property auctions in December, predict those in the industry.

More than one hundred auctions are scheduled to take place across the UK in December. It's forecast to be the busiest Christmas for five years as low prices and better winter weather means there will be greater appetite to get the deal done before Christmas.

Last year more than 2,000 properties were sold in December at auction with a total value of £400m. 

Chris Baguley, Director of Auction Finance Limited, a national lender for auctions, predicts a bumper season:

“Buyers are desperate to get tenants into their properties before Christmas or in the New Year. We’re expecting even more cases to come in this side of Christmas because the snowy weather of the past two years made it physically tricky for tenants to move in. We predict the completion rate will be higher this Christmas compared to 2010 and auctions will be packed with property professionals hunting fantastic opportunities.”    

David Sandeman of the Essential Information Group added:

“It’s always a busy time of year for auction houses and we feel there will be an even stronger appetite this year. If you want a quick sale or a quick purchase, December is a good time to be looking at the auctions. ”

Of course the bumper sales period masks the repossesion pain that often hides behind the residential auction business. One person's meat is another person's poison and all that.

For a full list of auctions in December see www.auctionfinance.co.uk