What price are houses selling for at auction in the UK?
With almost all property market commentators predicting a crash in global property prices, you would think property buyers would wait for prices to fall before buying?
But they’re not!
What price are houses selling for at auction?
By Mark Grantham – 1st September 2020
You’ll see for yourself; if you look at auction sale results in May, June, July and August the success rates have been surprisingly good, typically in the region of 80%. Whilst there have been some areas of the country struggling, the overall sales activity is surprisingly high. And the prices being achieved are not too bad either.
Keeping our ear to the ground and listening to theories from those in the property and finance industry, the only explanation that seems to make any sense is that the massive amount of “free money” being doled out by the government in the form of grants and interest free loans, is making its way to the property market.
People and businesses that are still not trading after lockdown (and some that have no intention of trading again) have received tens of thousands, sometime hundreds of thousands of pounds from the government bounce back loan scheme. They have to spend the money somewhere!
Perhaps there’s another explanation? We’ll see what the coming months bring, and for how long the spending spree lasts. And maybe we’ll be surprised again!
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