More properties going under the auctioneer's hammer
Estate Agents - 08/08/2006 16:09:03
Estate agents are losing out to auctions, as more and more homebuyers turn to the sale room to purchase a property.
According to the auction news group Essential Information (EI), there has been a 60 per cent increase in the number of properties bought and sold at auction since 1998.
And this is bad news for estate agents, with the EI Group saying that many buyers find it is easier and quicker to get a good deal through at an auction house.
David Sandeman, managing director of the EI Group, said: "Buying at auction has emerged as a great way for buyers to get their hands on a property quickly and at a competitive price.
"Although not for the faint hearted, those with nerves of steel and the ability to carry out thorough research on a property in advance can benefit from bumper profits."
However, the EI Group does warn that buying homes under the hammer comes with a lot more work as viewings, estimates and all the other trappings that come with buying a home need to be arranged personally.
Estate agents would normally take care of these things when you purchase a property through them but will add administration costs.
If you're moving home but don't think you've got what it takes to make it an auction room, click here to find estate agents in your area.