Success rate at property auctions up by 7%

The number of properties successfully sold at auction in April was 7% higher when compared to the same period in 2010.

Statistics released by Essential Information Group showed that there were 129 auctions held in the UK last month. Of the 2229 lots on offer, 1497 sold, converting to an overall success rate of 67.2%. 

The number of lots offered remained steady, with an increase of just 0.5% in April 2011. The total amount raised also increased  to £162million, marking a rise of 6.8%.

The big change was seen in the commercial sector with the number of lots offered up by 9.2% and total raised by a phenomenal 56%. The number of residential lots offered rose by 12% and the success rate increased from 59% to 67%.

James Kersh at Sutton Kersh comments, "There has been a noticeable improvement in activity in the auction market. Whilst obtaining finance is still a struggle for many investors, there are a lot of cheap deals around that investors are able to capitalise on. There are a number of good examples of this in our current auction catalogue with a number of terraced properties in North Liverpool carrying guide prices from just £25,000. Whilst most are in need of repair and modernising, these are very attractive deals for investment purposes and for home-buyers."