Auction property boom in the Midlands

The Midlands has seen one of the largest increases in the UK in the number of properties sold at auction, according to the latest figures from the leading industry body Essential Information Group.

Between January and March 2016, £169,472,707 was spent at auctions in the region, an 8.6% increase on the same period last year.

The region also saw an increase in the number of properties sold through auctions during this time, with 15% more lots offered than the first quarter of 2015.

The figures mean that, excluding London, the Midlands now stands second in the UK in terms of the amount spent at auctions, only beaten by the North West at £197.3 million.

Scott Hendry, director at specialist property auction lender Together, said: “Across the UK, the auction property market is booming, thanks to an increase in awareness of the properties and deals available to all. The increase in the number lots on offer has contributed to this growth, with many people now choosing to attend auctions when looking to buy a property.”

Rory Daley, managing director of SDL Bigwood property auction house based in Birmingham, said: “The property auction business in the region is thriving and we see people of all demographics attending for a range of purposes, from first-time buyers to commercial customers. The number of properties up for auction in the region is constantly increasing too, giving buyers more choice.”

Scott added: “As the auction house becomes increasingly popular, it’s important to understand the auction buying process. The main difference to buying traditionally is the need to turnaround the completion of the sale in just 28 days. However, the ability to use a specialist auction lender opens up the market to more potential buyers and investors, so we expect to see continued demand at auction houses across the region.”

For more information on specialist finance with Together visit togethermoney.com.