Bridging loans broker Octagon Capital has released data from a study revealing that property bought at auction during 2020 has saved buyers up to 40 per cent on the average price of a new home.

Real Homes has reported that study, based on the combined data on houses purchased at auction and Office for National Statistics (ONS) data on the average house prices for 2020, revealed that the average cost of a house bought at au

For real bargain hunters, houses bought at auction in the North East of England has the lowest rate below-average property price for the area. On average, houses sold at auction in 2020 in Country Durham, Tyne and Wear, Cleveland and Northampton sold for 76 per cent than the regional average house price.

In Lincolnshire, that figure drops to 73 per cent, and in Scotland, bargain hunters can find property for 72 per cent less than the average house price for the area.

Leicestershire properties sold at auction had prices closest to the average regional price, but could still save buyers 19 per cent on the average 2020 house prices.

Dan Kettle, commercial director at Octagon Capital, commented: “Whether you’re fixing up a house to sell-on, or looking for a bargain for your perfect home, our analyses show that buying houses at auction is a great way to hunt down a financially astute deal.”

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