There was a substantial increase in the discount available on properties sold at auction January. January is a quiet month for property auctions, and so the latest reading might be treated with some caution, nevertheless the near 30% discount is a long way above its historic average, and not far off the lows of December 2008. It suggests a significant relapse in prices achieved at auction since late 2009, and adds to survey evidence that the balance of power between buyers and sellers in the conventional market has begun to shift.