Auction House North West has celebrated its first anniversary with its biggest ever record-breaking October auction, grossing more than £6m, at a sale success rate of 75%.
The event at the Macron Stadium – home to Bolton Wanderers FC – attracted 131 lots, offering more properties and selling at a higher percentage and with greater sales than any other in the region.
The auction experts, operating out of the heart of Manchester city centre and Preston, offer unrivalled coverage across the North West and beyond with specialists in selling both commercial and residential property.
The spirited bidding for investment lots at Network Auctions’ 2nd November sale shows the market for buy-to-let is still alive and kicking. The well attended sale at Grosvenor House Hotel delivered a successful 80% overall sales result raising a total of £4,815,000.
The variety of auction lots on offer attracted strong pre-auction interest with almost a third of the catalogue sold prior, with many achieving prices far in excess of the guide prices.
On the day, buyers were keen to bid on properties with strong rental yields, signalling the continuing popularity of buy-to-let investment.
Birmingham’s reconfirmed position as one of Europe’s leading property hotspots is helping to drive the success of auctions in the West Midlands, an expert has claimed.
The 2018 Emerging Trends in Real Estate Europe report, published today [2 November] by PwC and the Urban Land Institute, once again ranks Birmingham as one of the highest-ranking UK cities for investment prospects – ahead of London and Edinburgh.
Based on the opinions of over 800 real estate professionals in Europe, Birmingham was ranked 21st, up one place from last year and ahead of Edinburgh at 26th and London at 27th.
Auction sales of £4.32m saw Sheffield-based Mark Jenkinson and Son record the firm’s best result of the year to date.
The auctioneer sold 92% of the properties including Spitewinter Farm in Barlow, Dronfield which went for £770,000 - securing Mark Jenkinson’s highest sale price of 2017.
The detached farmhouse, outbuildings and 15 acres of land sold for £170,000 more than its guide price of £600,000.
Adrian Little, Head of the Auction Department, said: “This was our strongest audition of the year so far and the sale of Spitewinter Farm played a big part.
Selling property at one of our future auctions will be cost effective, simple, fast and stress free.
If you feel that this method of sale might be right for you, why not get the ball rolling and get in touch for a FREE PROPERTY VALUATION via our ENQUIRY FORM (click on the link).
If you’re looking for a speedy sale and certainty that a buyer won’t bail on you then auctions are a good way to go. Once the hammer falls the buyer has to put down a 10% deposit, then they have 28 days to complete the sale.
Selling at auction also widens the potential market, not only will there be buyers who want to
Commercial properties that sold for more than £1m were again prominent at Acuitus’s latest auction which raised £64.09m with a success rate of 82%.
Acuitus Chairman, Richard Auterac, commented: “Many of the lots offered at prices of sub-£1m through to £3m+ were in the ‘sweet spot’ for High Net-Worth private investors and offered good income streams based on current rental values. The retail sector investment is particularly benefitting from new sustainable rents and retailers with strong trading results”.
Auction finance is a great way for property developers to secure a below-market-value property, often from a motivated seller. It could even be suitable for first-time developers too, if you've got the right expectations from the beginning.
Putting up your hand and bidding on a property worth hundreds of thousands of pounds is a daunting prospect, even for experienced auction-goers. If you make the winning bid, you'll usually have to pay a non-refundable deposit on the day, and you'll have 28 days to pay the balance.
That means that the timeframe for auctions is much shorter than the
A tenant has decided to end the tenancy and wants to make sure that they get all their deposit money back. However, there are a variety of issues that can allow a landlord to deduct money from a tenant’s deposit to pay for repairs and cleaning.
A new independent study has highlighted a few common issues that are cited by landlords when deducting funds from a tenant’s deposit:
· 29% of tenants have experienced a deduction due to broken chairs, tables, door handles and other items
· 24% of tenants have been penalised due to marks on the walls, this includes finger marks
Leading Merseyside-based auction house, Sutton Kersh, has compiled a useful 10 point guide, especially helpful if you're new to auctions:
1. Explore your options
Obtain a catalogue of possible lots to bid for and choose what you like.
2. See the property for yourself
By seeing the lot with your own eyes, you really understand what you might potentially get at the end.
3. Get the legal advice
It is highly suggested for everyone, especially the first-time buyers to get the legal or professional advice from a solicitor or a chartered surveyor if needed.
Auction House has announced a rise in year-on-year sales for 2017, despite a more challenging selling environment.
The award-winning property auctioneer has sold 2,420 lots so far this year, compared to 2,409 at this point in 2016, at a combined total value of over £300m (£300,104,374).
Commenting on the figures, Auction House Founding Director Roger Lake said: “In the current climate, even to have matched last year’s number of sales would have been impressive. But to have exceeded it - despite the uncertainties of Brexit, political turmoil and future trading fears - is nothing short of
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