Auctioneers are seeing more lots fetching higher prices as auction fever returns to London.
A total of 156 property auctions were held throughout the United Kingdom in June and over 72 per cent of lots were sold, for a total price of almost £239 million.
This level of activity has not been seen since the market hit its peak in June, 2007. At that point, 2,328 lots were sold.
In the commercial market, 506 lots were offered in June and the majority (70.8 per cent) were sold.
London is currently the hotbed of auction sales. The majority of commercial lots (86.7 per cent) offered in the capital were sold.
This is in contrast to Scotland, where only 58.2 pe rcent of commercial lots ended up changing hands.
According to anecdotal accounts, some London buyers are getting caught up in the wave of buying fever and are paying prime prices for secondary properties. Guide prices are being regularly exceeded in a number of instances.
The prognosis over the medium-to-long term is promising, with sizable gains made in all but two of the quarterly and yearly comparisons.
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