10
Sep
Auctions providing more bargains
Those seeking to buy a home at an auction are looking more likely
to snap up a bargain, as the average price has dropped by close to
a quarter, new figures show.
New data obtained by the Liberal Democrats has shown that the
average price of homes sold in auctions in Britain in the period
between June and August this year was £130,400.
A year before it was £170,300 - 23 per cent more.
Such a situation could enable those looking to pick up an
affordable home to do so more easily than before.
Liberal Democrat Treasury spokesman Lord Oakeshott speculated that
the fall in house prices could be much more than ministers have
suggested.
However, one constraint on falling prices could be a continued
shortage of supply, it has been suggested.
This point was made by Jon Neale, head of development research at
Knight Frank, who stated that when demand starts rising again there
will be "a shortage out there when prices go up again because
demand will outstrip supply".
