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25/09/2008
New property at auction reflects state of market |
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The fact that new property is being sold at auction is a reflection of the current state of the housing market in the UK.
That is the opinion of Savills, which has suggested that sellers are having to think of "inventive" new ways to market their property.
Spokesperson Lucian Cook explained that this is not something which would have had to be done previously, but has come about as a result of falling prices.
Mr Cook explained: "It reflects the fact that with rates of sale down, developers are having to find different and inventive ways to sell their properties, which they wouldn't have done in the past."
He went on to say that new homes being sold via auction is "inevitably a sign of a relatively weak market".
According to Nationwide, the average price of a house in the UK in August 2008 stood at £164,654.
This is a reduction of almost two per cent on the previous month and 10.5 per cent lower than at the same point last year.
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