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Home auction sector 'to continue'

Properties sold at auctions will always be a part of the overall housing market, real estate firm Savills has advised.

Buying a house in this way has been a common method of consumers hoping to bag a bargain - and take out a smaller mortgage loan as a result.

A recent report from the Essential Information Group has shown that the total amount of properties on sale in the UK last month was down 9.9 per cent, year on year.

There is also evidence that the homes-for-auction sector might be shrinking even more rapidly - with the latest quarterly survey from Savills (covering the final three months of 2007) showing a 14 per cent drop over the year before.

However, auctioneer director at the firm Chris Coleman-Smith said that he remained hopeful for the future.

"We’ve been through these [times before] - you go back to 1989-1991 and think 'God, how the hell did we sell anything then?', but we did," he said.

"Auctions are here and they always will be; good or bad times there's always a market there."

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