Little interest seen at Knight Frank auction

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Knight Frank’s monthly property auctions got off to a quiet start to the year yesterday, with six properties on offer but without a single bid.

However, Sharon Lee, Head of Residential Auctions at Knight Frank, remains optimistic about the auction market. She does not believe this will be a trend for the next few months as “auctions are dependent on the properties offered.”

The three residential and three industrial properties listed failed to garner any interest from the 40-strong crowd, although there were a lot of queries made to the Knight Frank agents present after the auction ended.

In light of the recent cooling measures, Lee said that she is beginning to see many sellers lower the prices on their private properties. “Homeowners are more flexible now. They used to ask for higher opening prices but not anymore as it’s a buyer’s market.”
 
Knight Frank will be holding its next auction on February 23 2012.

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