The UK’s largest property auctioneer says it is witnessing more investor-owned stock going under the hammer than at any time in the last three years.
Auction House managing director Jeremy Prior says: “There’s no escaping the fact that there are some incredibly challenging conditions out there. As a result, many investors are looking at their portfolios and reviewing the situation, and investors of all types recognise that if they need to adjust their stock the speediest and most certain way to do so is via auction.”
The group’s comments come following the release of its latest figures, which indicate a 10 per cent increase in the number of properties sold compared to this stage in 2021.
To the end of November, Auction House has offered 4,409 lots at auction and sold 3,519 compared to 3,188 last year, with a success rate of 80 per cent and raising a total of over £550m.
Prior adds: “We are a national brand - with all the subsequent marketing muscle - but we operate regionally. We have over 40 offices throughout the UK, staffed by experienced and knowledgeable teams, all of whom live and work within their areas of operation, and consequently have their fingers on the pulse of their respective local markets.
“Consequently, they can provide realistic, sensible, pragmatic advice to prospective sellers as to how they can not only enhance their chances of a sale but also squeeze the maximum value out of their property – an ability which other national auctioneers simply don’t have.”
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Our local Auction House (east anglia) have had a lot of these sorts of properties , a lot not selling, and I also noticed the last auction had a lot withdrawn just before the auction, I suspect the real reason for that being lack of interest shown in the run up to the auction, anything will sell at the right price, but those with inflated reserves will not find a buyer.
I have bought at Auctions in the past to as far back as 1973 it was a good way to buy but in recent years I have lost interest with digital on line buying, it was good to see who was bidding against you, get to know the opposition usually regulars and gauge when they were bluffing .
Agreed Michael, to buy at auction you have to be in the room, live auction, I will never buy from these online auctions
In one auction we sat next to a young couple dead set on one particular flat and no one in that row bid against them - they got the flat on their second bid - hope they weren't pulling a fast one!
In my peak buying period around 20 years ago we used to look at things that were sticking in the normal market, work out why that was and how easily we could fix it and then put in the appropriate offer which usually led to a short negotiation and a deal.
We haven't bought anything for about 20 years and won't be doing so again, apart from possibly a retirement flat - but at 73 I find these full of old folk in their 60's and I want one full of young folk in their 70's and 80's!
PS. Just in case I outlive my wife, a variety of Young at Heart widows would be a positive factor in the choice of retirement flats!
I got a good one like that 11 yrs ago, nice end terraced in Dereham (Norfolk) Barrett had taken it part ex, it had been on the market all summer at £130k, inside were black carpets (good quality though) hand painted purple kitchen units and a very odd colour scheme throughout, but brand new bathroom, central heating, and windows, I bypassed the agents and emailed a cash offer (£100k) direct to Barrett in the November, no sale agreed, we went straight to completion 2 wks later, it's a great little house and now rents for £790 a month, all about striking at the right time and putting the money where our mouths are
Never bought at auction, though did try to sell one recently. Had been on the market at £550,000 put into auction at £480,000. Nobody was interested.
My view don't sell currently as buyers are quite twitchy to see how high rates will go and how bad will the recession be! The same goes for lenders.
My view wait a year if you can, a lot will happen. The first 6 months next year will probably be worse, but towards the end of the year it will improve.
I am likely to re-let a property I have in Bedford, though did want to sell. Still waiting to get possession of a property in Norwich, and this could take several months including my time to make good when it is returned to me!!
I will make a decision then as to whether I bring to the market or re-let.
I want to maximise my return to pay down mortgages on the properties I wish to keep, hence my decision to hold currently.
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