Insurance News Archive

Landlord insurance: Property auctions still attracting buyers

Written by Judith Stevenson

Landlord insurance holders are attracted to property auctions because they are able to walk away with the keys to a house or flat on the day, according to an expert.

Chris Coleman-Smith, auction director at Savills, said that the company has continued to see cash buyers entering its auction rooms, with the firm achieving an 87 per cent success rate on properties.

"There has been loads of people out there with cash," he insisted. "They are beg, borrow or stealing it from somewhere and they are buying."

He added that many of the buyers coming to auction, including landlord insurance holders, appreciate being able to buy a property on the day.

"You're not going to be messed around [by] an agent," Mr Coleman-Smith said, saying that transactions can often take two or three months and sometimes fall through at the end of that.

Recent figures from the Essential Information Group showed that 73 per cent of all properties coming to auction in July were sold, up from 71 per cent in June.

27 Aug 2009