Property auctions report surge in business
Property auctions in London are reporting a surge in business despite the falling housing market.
According to Savills, its property auction rooms are being filled with many house hunters and properties are largely being sold above the guide price, despite the falling housing market.
At its latest auction this week, a property in Hammersmith, London sold for £344,000 despite its guide price being set at £275,000.
Another property in Fulham, sold for £409,000, well above its guide price of £90,000 while a two bedroom house in Richmond was given a guide price of £325,000 and sold for just under that amount.
Commenting, Christopher Coleman Smith, of Savills auctions said: "Auctions are becoming increasingly popular, yesterday the room was filled with builders, developers, owner occupiers and even parents buying for their children
"It is an easy, straightforward way of buying a property, the deal is done on the day with no fussing around for weeks or months on end and no chance of being gazundered."
