Auction sales for property getting more popular

The number of properties being bought at auction has soared by 132 per cent from 1997 to 2006, according to new data.

The Essential Information Group (EIG), which compiles statistics, has found that while 7,883 residential auction transactions were completed in 1997 this number has grown to 18,303 in 2006 and this has been credited to improved internet access by many.

A more open attitude towards auctions by home buyers also means they are becoming more popular as home buyers realise auctions can be cheaper and faster than other ways of buying a home.

David Sandeman, the managing director of EIG, said: "We''ve seen a terrific increase in the number of properties going to auction.

"I think it''s no longer seen as the sole preserve of property developers and investors, but private individuals as well."

Auction sales now account for about two per cent of all housing sales according to the EIG report although the properties bought tend to be less modern.


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