Reports from a local mortgage broker that the local auctions are not packed with buyers came as a surprise to many, as the mini property revival takes hold. Further questioning revealed that although the auction room was not packed with willing buy-to-let investors the properties were still fetching good prices. Most reaching or exceeding their reserve and guide prices.
We can of course only speculate on the reasons for this, but it does fit into the view of many that canny cash rich investors are hovering up bargains while many who believe the recovery is upon us simple can’t fund deals.
We have also had interesting discussions with various start up businesses who believe now is the time to grab a free hold or leasehold bargain. They may have already missed the boat as many Landlords and property developers become increasingly bullish about market conditions.