Property auctioneer mustbesold.com had its most successful auction to date after selling nine out of ten properties in August 2009, an increase of 10 per cent from its July sale.

Mustbesold.com Chief Executive Paul Smith said, “The UK property market is being stabilised by the growing popularity of property auctions. If you have the equity, the process is quite straightforward and you can have the keys to your new property within just three weeks. We sold an incredible 87 per cent of all the lots on offer, showing that the property auction business is one part of the market that is thriving.”

Mustbesold.com holds ten property auctions a year (next is 1 October) offering properties for sale on behalf of a wide variety of institutions, including housing associations, local authorities and mortgagees in possession. A former police station in Pontlottyn, Wales sold for 400 per cent more than its £5,000 asking price – £26,000. Two flats in Belsize Park, which each had an asking price of £150,000, sold for over the asking price with 60 people requesting property details before the auction began.

Top-end properties were also being purchased; a three-bedroom mews property in Brighton was sold for £325,000.