Clive Emson records £20 million in sales at May auction
Clive Emson recorded more than £20 million in sales and just under 80% success rate in its third auction of the year.
James Emson, Clive Emson’s managing director, comments: “Demand continues apace, with thousands of registered bidders waiting to buy land and property through us.”
“Investor appetite resulted in £20 million-plus in sales, with an 80% success rate on the 135 lots listed from Essex to Cornwall.”
He adds: “During the pandemic, we have sold, at auction, more than 80% of the properties above our clients’ reserve prices.”
“As well as our diverse range of lots, transparency and speed of the auction process is a major draw – completion is within 20 days of the auction date.”
Highlights of the May 5 auction included a plot of land at Catford, London, which attracted 90 bids and went for £280,000 – £180,000 above estimate.
In an executors’ sale, a compound of 14 garages in Canterbury, Kent, was acquired for £330,000 from a guide price of £150,000-plus.
A derelict house in Fareham, near Portsmouth, received 80 bids and sold for £282,000; the four-bedroom residence went for £112,000 above the £170,000-plus guide price.
Currently let at £24,140 per annum, a mixed commercial and residential investment at Seaside, Eastbourne, East Sussex, fetched £300,000 and a large private residence in Rochester, Kent, was acquired for £750,000.
The next auction by Clive Emson ends on June 16, with the catalogue available from May 29. Entries close on May 25.
Another record set – Auction House London raises £31m
Auction House London has broken all its own records at its May sale, raising more than £31 million in its recent sale on May 6.
Over 1,000 bidders attended the live-stream auction led by auctioneer and director Andrew Binstok. Some 115 lots were offered with 90% of stock selling.
The auction got off to a fast, impressive start with lot 1 setting the pace. The modern five-bedroom terrace in Colindale, North West London, needed modernisation and was guided at £250,000. Two tenacious bidders pushed each other until it sold at £400,000.
Properties with development potential were also popular with buyers. A six-bedroom end terrace in Darville Road, Stoke Newington, needing total refurbishment, started with a guide of £850,000 and eventually sold for £1,165,000.
Commenting on the successful auction, Binstock said: “It was an exciting auction full of endless bidding wars, some of which went on for more than ten minutes.”
“The market is booming and there continues to be an insatiable appetite for property from buyers. It seems as if people are making hay while the sun shines. No one knows how long this will go on for but it’s a brilliant time to sell.”
Auction House London is now taking entries for its next sale on Wednesday June 16 at 12 noon, which is being streamed live.
Allsop sees 20% increase in sales at May auction
Allsop’s third online residential auction of the year resulted in the sale of 127 lots, raising £38.7 million.
The auction saw a total of 3,963 online bids placed during the day, with 1,145 bidder registrations.
Richard Adamson, partner and auctioneer at Allsop, comments: “The residential market has shown a robust performance over the past 14 months, despite protracted economic uncertainty. Investors are still drawn to UK property thanks to its ability to deliver long-term returns and offer value-add opportunities.”
He says the extension of the stamp duty holiday has been a driving factor in helping to ensure sustained demand.
“This has been aided by the gradual easing of lockdown restrictions and the successful rollout of the UK vaccination programme. We look forward to releasing our June catalogue with plenty more attractive investment opportunities across the country.”
Highlights of Allsop’s May auction include:
Lot 54 – Lauderdale Mansions, Maida Vale – a three-bedroom leasehold apartment with a roof terrace – had a guide of £1 million and sold for £1.28 million.
Lot 29 – a freehold Grade II-listed building in Paddington with a rear courtyard which sold for £1.1m.
Lot 92 – two mixed-use freehold buildings comprising two retail units, four self-contained flats and one office unit in Horley, Surrey, with redevelopment potential sold for £791,000.
Lot 73 – Kinmel Hall, a Grade I-listed mansion in Abergele, Wales, modelled on the Palace of Versailles, featuring 122 rooms and extensive gardens. The 80,000 sq ft property was sold for £950,000, in excess of the guide price.
Allsop’s next residential auction will be held online on June 24.
SDL Auctions – there’s still time to beat the stamp duty holiday
There’s still time for buyers and investors to benefit from stamp duty savings if they buy at auction, according to SDL Property Auctions.
With the stamp duty holiday due to end on June 30 for properties priced between £250,000 and £500,000, one of the few ways for buyers to make savings in this area is to purchase by auction – and a good number of suitable family homes are set to go under the hammer at the auctioneer’s live-streamed sale on Thursday May 27.
SDL says the speed and certainty of auction sales mean sellers will be handing over the keys several days before standard stamp duty rates are reinstated for properties within this price bracket.
The past year has seen a growing number of private buyers and sellers turn to auctions for a fast, hassle-free sale with almost zero risk of a fall-through. Buyers will still find plenty of renovation projects, commercial properties and land for sale in the latest catalogue of more than 200 lots, but there is a gradual shift towards well-maintained family homes, too.
Among them is a stylish three-bedroomed detached house in Derbyshire with the potential to run a small business from the property, subject to planning permission. With a guide price of £250,000-plus, The Lodge in Burton Road, Egginton has largely been renovated and occupies a plot featuring a series of outbuildings including kennels.
In Leicestershire, 29 Beech Road in Oadby is ready to move into and would make an ideal family home. The three-bedroomed detached house sits on a large corner plot with gardens at the front, side and rear. Well-proportioned and well-presented throughout, with a bright and airy feel, the property is being sold in partnership with Knightsbridge Estate Agents and has a guide price of £250,000-plus.
One family home which stands out from the crowd can be found in Chester, with the lower guide price of £185,000-plus which is sure to attract the attention of bidders. Being sold in partnership with Humphreys, 14 Forest Drive in Broughton is a three-bedroomed, semi-detached property which has recently been renovated to a high standard, with solid oak doors and other quality fittings. It is situated on a larger-than-average plot with parking for several vehicles and foundations in place for a garage, subject to any necessary planning permissions.
Managing director and auctioneer Andrew Parker comments: “It’s good to see so many properties within this price bracket for sale, giving buyers the opportunity to catch the end of the stamp duty holiday.”
According to Parker, in the National Property Auction on May 27, contracts will be exchanged on the fall of the hammer and, unless otherwise stated in the legal pack, completion takes place 20 working days later on Friday June 25. This is ‘comfortably within the stamp duty holiday period’ even when the bank holiday is taken into account.
The auction will be live-streamed from the company’s head office auction studio, with auctioneer Andrew Parker on the rostrum. As part of its commitment to ensure auctions are accessible to everyone, SDL Property Auction offers three remote bidding options: online, on the phone and by proxy.
Earlier this week, Property Investor Today spoke with leading auction houses to determine if auction houses will return to traditional in-room auctions post-Covid. For more insight, click here.
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