The auction arm of one of Britain’s largest agency groups says its seen a positive first third of the year.
First For Auctions, part of the Leaders Romans Group, says landlords and other buyers are using auctions to search for bargains and what it calls “unusual opportunities.”
With just under £14m of property sold in its first three actions of the year and an average sale price at 20 per cent above guide, First For Auctions claims that auctions have become a popular means of buying and selling a home at times of economic uncertainty.
The brand, which operates an online monthly saleroom, says there is a common theme of sellers wanting surety in terms of the timeline of their sale: in February, First for Auctions sold seven properties previously listed with estate agents. In some cases where a traditional sale is prologued due to challenges within the chain, auctions provide the perfect alternative.
Daniel Gale, head of auctions at First For Auctions, says: “With the average property sale through an estate agent taking on average 171 days (nearly six months) from instruction to completion, and with the uncertainty of not exchanging contracts until the end of the process and the uncertainty of renegotiation, we speak to an increasingly large number of sellers who are growing despondent with the ‘normal’ way to sell, looking for greater speed and certainty.
“In a market with interest rate rises and protracted economic uncertainty, our recent auctions have shown promising stability.
“Due to household budgets remaining under pressure from high inflation, the trend since the start of the year has been for vacant residential property as buyers look for more flexible, competitively priced opportunities.”
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The bargains aren't there yet, many are not making reserve, others are being withdrawn due to lack of interest in the run up to auction day, get the pricing right and they will sell.
By 2030 ish there'll be lots of bargains as just about everything will be worthless
That's why I'm leaving the sinking ship now George. 👍
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