Research has revealed that demand for property at auctions remains high - as nearly three-quarters of homes are sold when they go under the hammer.
During July and the first week of August, Countrywide Property Auctions revealed it had sold 72% of the 179 lots it had offered at six auctions across the country, which involved £8.9 million worth of property changing hands.
It revealed that 22% of homes sold for more than their guide price, while one property in Benfleet, Essex was bought for 61% more than the guide.
Countrywide chief auctioneer Mark Tanton explained: "As the property market has begun to stabilise, more developers and investors have begun to re-emerge at the auction rooms and are now bidding for properties that have the potential to make the highest return.
"Buyers were more selective about the properties they bid for. It was the good quality properties with realistic reserve prices that attracted the most interest."
But the success rate was slightly lower than during the group's last auction series, held between May 28 and June 12, when 79% of the 122 lots sold, with 40% going for more than their guide price.
The latest round of auctions were held in Glasgow, Manchester, Birmingham, Leeds, London, Bristol and Llandudno, with properties ranging from family homes and modern apartments to Grade II listed buildings and land developments.
The group said three-bedroom properties were most in demand, with developers, buy-to-let landlords and first-time buyers all bidding for them.
Westcountry Property Auctions, a specialist division of Countrywide, said it had recently held its most successful auction of the year.
Graham Barton, senior auctioneer at Westcountry Property Auctions, said: "One of the strongest indicators we've seen is the popularity of land again, with several plots being snapped up by local developers.
"We are regularly attracting over 1,000 people to each auction and it was noticeable at this auction that private buyers are willing to part with their money and reinvest sensibly in property."
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