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Auctions Review

The Network Auction October sale at the Cumberland Hotel at Marble Arch, London saw a 78% success rate being achieved from the 36 lots on offer, however seven lots were sold prior and the auction raised £3,173,000.

Auctioneer Toby Limbrick said: "We have witnessed a change in the profile of buyers since the summer. The first half of the year (like the previous four years) was dominated by 'professional' investors, particularly noticeable in the residential sector where demand was focused on cheaper, high yielding buy to let stock.

"Recently, we have seen the return of owner occupiers and a number of lots were sold to end users on 23rd October. The increase in activity in the general market fuelled by the government backed Help to Buy scheme is filtering through to the auction room."

I asked Toby how seller expectations are given the more positive media coverage on property values. "Sellers expectations will doubtless be influenced by the improving market and the response of the media. However, price is not always a top priority for auction sellers, the speed and certainty of the process can play just as big a part in the decision making process.

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