Value of properties sold at auction plummets

The average price of a house sold at auction has dropped 31.1 per cent in the three months to November, compared with the same period a year ago, auction specialist Essential Information Group said. The average cost of a property stands at £114,208, which is 34 per cent lower than prices at their peak last summer. A spokesperson from EIG said that it was a common misconception that auctions sell properties cheaply: ‘They don’t. They sell them at their true market value – what people are willing to pay’.