Friday 15 May 2009 8.53am
Read an article recently saying that gap between auction prices and estate agent prices is narrowing. Was 40% at Christmas, now down to 25%.
This probably means that professional investors - eg those with finance in place and prepared to take a risk on surveys etc, which is why most individuals stay away - are back and buying.
I understand the not bidding and then making a cheeky offer. Won't work most times, but occassionally someone will be desperate. Difference between and individual and an investor is that for the first it is a home and for the second it is money. Its like going along to Borough Market
at 4.00pm on a Saturday and asking various stalls what they will give you for a fiver. Sometimes it works, and sometimes you walk away with the money in your pocket.