Sales of homes worth more than £1 million have plunged by nearly a fifth year-on-year, Land Registry figures show.
Across England and Wales, 851 homes were sold for over £1 million in January, a 19% fall compared with January last year, when 1,049 properties in this bracket were snapped up.
The bulk of transactions involving homes worth more than £1 million were in London, which saw a sharp 23% decline in sales in this bracket compared with a year earlier.
The Land Registry's figures show that house prices in Kensington and Chelsea, where the average property is worth £1.29 million, have shown
A pre-election lull in the property market has hit revenues at estate agent Foxtons, as potential housebuyers and sellers await the results of next week’s poll.
The upmarket chain made revenues of £33.1m between January and March, 3.1% lower than the first quarter of 2014 when the sales market was at its strongest since 2007.
Sales commissions were down nearly 12% at £15.5m while lettings held up with 5.4% growth to £15.9m, and mortgage broking rose 13.5% to £1.6m. Foxtons made adjusted earnings before interest, tax, depreciation and amortisation of £8.3m in the quarter.
Sutton Kersh, a Liverpool-based estate agent, generated proceeds of over £5m at its latest property auction and, with strong interest reported in stock still available, the final figure could reach £5.5m.
The sale at the Crowne Plaza hotel in Liverpool was the biggest single day sale in the city for almost two years and attracted a large attendance made up of investors, owner-occupiers and developers.
Highlights included a substantial three storey property on Croxteth Road in Liverpool which sold for £560,000, having been offered at a guide price of £400,000 plus on behalf of a housing
Selling a property by auction is easier than many people think, and the prices that we achieve are usually higher than expected too.
There is also no faster way of selling. The process can take as little as four weeks from instructing us through to an exchange of contract. You will likely bank the proceeds of your sale within 8-10 weeks from going to the market.
If you are considering selling up and want to know how much your property might be worth at auction, why not send us a few details and one of our auctioneers will give you a ring, to chat further about your requirements.
ALMOST 80% of properties that went under the hammer at a Leeds auction were sold, raising nearly £3m.
29 of the 37 lots at Eddisons' latest auction found a buyer, and auctioneer Robert Limbert said there was "good bidding across all categories, with very little escaping the interest of investors and developers".
Among the highlights was Virginia Cottage, a vacant five bedroom property arranged for multiple occupancy in Roundhay, Leeds, which sold for £175,000 off a guide of £150,000-plus. The property has previously generated annual rental income of £18.6k.
Purchasing a house or flat at auction can be a great way to bag a bargain. As well as being a quick and relatively hassle free way to buy a home, no driving around viewing endless houses, no negotiations, and no last minute fall through if the house sellers get a better offer, the auction process is easy. You simply look through the auction catalogue, find a property you like, arrange a viewing and do some research, and show up prepared on auction day – here’s a few tips to help you on your way:
1. Find auction houses that sell properties in the area you’re looking in. London auctions have
Brendons Auctioneers, the London-based property experts, predict that the party with the best policies on property could well triumph at next month’s general election.
The state of the nation’s housing has never been so high profile, whether it’s the new home shortage, regulating landlords, tax on larger properties or increasing inheritance tax thresholds on family property, pretty much every aspect of buying, renting and selling has come under the scrutiny of the political parties’ policy makers.
With a 99% increase in auction sales last year, Brendons Auctioneers are well placed from their
If you're thinking about buying a tenanted property, there are a number of things to consider.
Firstly, it is recommended that you instruct a conveyancer who is experienced in dealing with purchases that are subject to an ongoing tenancy. Whilst the process for transferring the title deeds is the same, some additional work will be required of your solicitor.
Secondly, if you are relying on mortgage finance for the purchase, you will require a buy to let mortgage – residential mortgages are not suitable for tenanted properties.
Find out whether the seller or an agent is managing the property
A lack of sellers and a huge surge in the number of people looking to buy a home has pushed the average asking price of homes coming on to the market in April up to an all-time high of just over £286,000.
The report from Rightmove further highlights Britain’s housing crisis and comes in the wake of a series of announcements by party leaders that have made property a key election theme.
March was the property portal’s busiest ever month since its launch in 2000, with the number of people looking at homes up 20% year-on-year. However, at the same time the number of new sellers listing on the
Award-winning brand Auction House has just released impressive first quarter results for 2015, successfully selling a total of 611 lots in the first three months of the year - outperforming all other UK auctioneers.
The group offered 816 lots in the period, equating to a success rate of 75%, and raising a total of £69 million.
Commenting on the figures, Auction House Founding Director Roger Lake said: “Yet again, Auction House’s Q1 results are unmatched by any other auctioneer in the country. We’re particularly pleased that the group is performing so well in these months of uncertainty just
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