Homes purchased at public sale in 2020 are 40% cheaper than the typical value of a house, new analysis from bridging loans dealer Octagon Capital reveals.
Combining knowledge on homes purchased at public sale in 20202 and ONS knowledge on the typical home costs for the year3, the analysis reveals that on common homes offered at public sale value £138,240, two-fifths as a lot as the typical value of housing via different strategies (£231,885).
These from North East are shopping for homes at public sale at a charge furthest beneath the typical property value within the space. On common, homes purchased at public sale within the County Durham, Tyne and Put on, Cleveland and Northampton in 2020 have been 76% cheaper.
Elsewhere, homes purchased at public sale in Lincolnshire in 2020 value 73% beneath the typical property value for the realm, with Scotland public sale hunters additionally discovering bargains this yr (72% beneath common property value).
On the different finish of the dimensions, Leicestershire auctions are typically extra aligned with the typical property costs for the county. Though, house-hunters on this space have nonetheless saved 19% on the typical property value this yr.
Dan Kettle, Industrial Director at Octagon Capital, commented:
“Whether or not you’re fixing up a home to sell-on, or on the lookout for a cut price in your excellent dwelling, our analyses reveals that purchasing homes at public sale is an effective way to search out a financially astute deal.”