Research by Moverly has revealed supply and demand for homes under the hammer across Britain.
Auction properties currently account for 2% of all homes on the market, according to the analysis by the digital home information pack provider.
In the North West, auction stock sits at 2.9%, while the East Midlands (2.6%), Wales (2.4%), Yorkshire & Humber (2.3%) and West Midlands (2.2%) all rank above the national average.
Moverly also calculated demand by measuring the number of auction properties currently available against those already sold subject to contract. (If, for example, there are 100 auction properties listed and 50 are already SSTC, demand is 50%.)
The region of highest auction demand is the East of England, where it currently measures 37.6%.
This is followed by the West Midlands (36.9%), South West (36.8%), North East (32.5%) and South East (32.4%).
The regions of lowest auction demand are London (14.2%) and Scotland (26.6%).
Ed Molyneux, Moverly co-founder, commented: “Property auctions present good opportunities for buyers and sellers alike, but there are also potential risks to consider on both sides.
“For sellers, an auction can be a route to a fast, reliable sale, often completing within a month of the hammer falling. And if the property in question is dilapidated or too unusual to tempt buyers on the open market, auctions attract buyers who are willing to take such investments and projects on.
“However, buyers need to be aware that there is often a good reason for a home to be sold at auction.
“The property might be in dire need of renovation works that simply wouldn’t be acceptable on the open market. In this case, the money saved on the purchase price could quickly be spent on getting the home up to a decent standard.”
