Homes go under the hammer

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MORE North East homes are going under the hammer, new figures show.

Last year, 8,026 houses in the region were offered at auction, an increase of 21 per cent compared with the previous year.

Furthermore, 5,709 homes in the North East sold at auction in 2012, compared with 4,287 in 2011, up 33 per cent.

The figures come from Essential Information Group, which provides official data from across the nation’s auction rooms.

Richard Sayer, of Rook Matthews Sayer Estate Agents, said: “With interest rates remaining low, many people are looking for alternative ways to subsidise their pension.

“Plus, as demand for rental accommodation remains strong, it makes sense to invest in property if you can.

“And the good thing about auctions is that you can often buy a home at a bargain price, with the real likelihood of long-term capital growth.”

For anyone interested in buying or selling their home at auction, the Royal Institution of Chartered Surveyors said it is absolutely essential to know what you are doing.

Visit www.rics.org/propertyauctions for an auction guide and tips.