Property auction prices turn back clock a decade

The next auction – which takes place tomorrow (22 July) is one of a series of ten London-based events arranged for 2009 and will see more than 100 properties take to the stand from a wide variety of institutions, including housing associations, local authorities and mortgagees in possession.

Spicerhaart Chief Executive Paul Smith said: "If you’re looking for a quick purchase or sale then auctions offer an ideal way to exchange.

"In the UK, property sales take on average 14-16 weeks to complete but many of those who buy at the next auction event will complete the sale within just a few weeks. The process is very fast-moving and that is why our auctions are becoming increasingly popular with people looking to get on the property ladder, upgrade their home, or build up a buy-to-let portfolio."

Properties going under the hammer tomorrow include two-bedroom terraced houses in Lancashire for just £18,000, a three-bedroom semi-detached house in Coventry for just £50,000, and potential development land in Gwent. Full details can be viewed on the website

Graham Penny, a Director of Graham Penny Auctions, added: "In this credit crunch environment, people are keen to hunt out a bargain and snap up these homes at prices of a decade ago.

"Prices in the auction room accurately reflect the current housing market and are an up-to-date indicator of credit crunch property prices. This allows both buyers and vendors to exchange at a fair cost."

Tomorrow’s auction begins at 1pm at the Hilton London Metropole, London. auctions offer the opportunity to watch the auction live online so those that are unable to attend are still able to monitor the bidding in real time. See for more details.

Entries for the August auction are invited up until Friday 31 July.

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2 thoughts on “Property auction prices turn back clock a decade

  1. Andrew

    Well i think the better is penny auction. Unlikely to others it really allows players to win valuable items.

    By the way, most of penny auction sites uses bot’s , so you realy need to calculate your cash and calculate how many auction earned from the item you bid to.

    My suggest is to use ebay, with non-cost bid system.


  2. Nitrobids

    I think that most people think that penny auctions are going to be like ebay. It’s more of a game and a gamble to win prizes. There’s no promise of winning anything – but there are a lot of promises that you could win if you know how to play smart!

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