Property auction offer 'better value for money'

Property auctions are offering better value for money than estate agents, according to Savills.

The real estate provider has revealed that the reason that number of sales in property auctions increased this month because of the better value that house buyers can get with them.

Chris Coleman-Smith, auctioneer director at Savills, said: "Auctions are offering better value in the market than agents are, that’s what auctions are about – to offer value to the market and I think auctioneers have to adjust quicker because if they don''t adjust they''re not going to sell the stuff."

He added that the credit crunch has taken "some of the froth" off the buy-to-let market and other than that people are still "banging away".

A report from the Essential Information Group which was published in March 2008 found that the percentage of houses that were sold in auctions in February rose to 71 per cent from the previous month.

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