Auction roundup – ending 2020 on a high note!

18 December 2020 | Investment

With tighter Covid restrictions throughout the UK, concerns surrounding the pandemic spike once again. However, property auctions continue to prevail during the last month of the year. This week, Property Investor Today takes a look…

Bond Wolfe’s final auction raises £17.5 million

Bond Wolfe Auction’s last sale of the year raised over £17.5 million and saw 158 lots sold from the 175 offered, achieving a success rate of 91%.

The run-up to the live-streamed online auction on Wednesday 9 December saw strong interest, with 573,045 page views, 94,617 video tours watched and 21,777 tuning in to watch the auction live.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, comments: “This shows that interest in our live-streamed auctions and demand for well-priced property continues.”

“With a minimum of seven auctions in 2021, plus the launch of our stand-alone commercial auctions in the Spring, we are well placed for the coming 12 months.”

The auction was off to a flying start with the first lot, a double retail unit at 363-365 Dudley Road, Winson Green, offered on behalf of Birmingham City Council, sold for £780,000 – three times over its guide price of £250,000-plus.

Over in Halesowen, a 14-bedroom former care home at 15 Lyde Green offered with a guide price of £395,000-plus sold for £434,000.

Further south, 17 Park Street, Worcester, a five-bedroom end terraced property, sold for £251,000 against a guide price of £195,000-plus.

In the East Midlands, a two-bedroom terraced house at 70 Luther Street, Leicester, was guided at £70,000-plus and sold for £120,000.

Bond Wolfe’s next online auction will be live-streamed via its website from 9am on Wednesday 17 February 2021, with remote bidding by proxy, telephone and internet only.

The deadline for entries is Friday 22 January and anyone with properties for sale should contact enquiries@bondwolfeauctions.com.

£53m worth of property sold in 2020 by Sutton Kersh

Sutton Kersh Auctions’ final event of the year achieved over £7 million, bringing its annual total to £53 million.

This equates to the Liverpool auction house selling 85% of the lots it has offered, with these numbers set to rise with post-auction sales.

Sutton Kersh sold 29 properties worth £2.2 million prior to its December 10 auction, including a £10,000 guide price property in Newsham Park, which sold for considerably more.

Cathy Holt, associate director of Sutton Kersh, comments: “What an incredible way for us to finish the year, taking us to over 550 properties sold in the last 12 months! The value of sold properties has increased this year by 16% on the previous year and we have also seen a 6% increase in the total number of properties we have sold.”

“To be up on last year’s figures in a year overshadowed by a global pandemic is a true testament to my team and how hard they work to deliver the best results for our Vendors. It was also interesting to see such a high demand in a single postcode on Thursday’s auction – L15, Wavertree’.”

Bidding was strong from the start; lot 1 had 26 bidders registered which resulted in a sale £26,000 over the guide price and lot 2 sold for £30,000 over its guide price. Both properties were three-bed terraced properties.

Meanwhile, lot 6, a three-bed house in L9, had a guide of £35,000 and sold for an impressive £80,000 – 129% over the guide price.

Bungalows proved popular and are constantly in demand. Lot 64, the two-bedroom bungalow Sutton Kersh Auctions had listed, was on the market for a steal at £70,000 and sold for £101,500.

The majority of lots sold for over the guide price and renovation/refurbishment projects seemed to be very popular again, both in Liverpool and further afield. Lot 88 in Scunthorpe, a three-bedroom mid-terrace in need of repair and renovations, had a guide of just £15,000 and sold for £48,000.

Following Sutton Kersh’s switch to online, live-streamed auctions, there has been an influx of bidders from outside the North West, making this year the auctioneer’s most successful year in business so far.

Its next auction will take place on February 13 2021. For more information, you can visit the Sutton Kersh Auctions website here.

iamsold sees continued growth with sales up 45%

iamsold’s online auction growth is continuing into the end of the year with 407 properties sold in November – a 45% increase in online sales on the same month last year.

Over £54 million in capital value was raised for sellers across the UK, with the highest-selling property going for £735,000. Almost 3,000 bids were placed and iamsold’s partner agents received £1.3 million in fees.

The figures also include properties sold during iamsold’s first ever virtual property auction which had over 350 attendees. A total of 24 lots were sold, raising over £1.8 million in capital value.

As we near the end of 2020, so far this year 3,557 properties have been sold via auction, and online auction sales are up by 15%.

Jamie Cooke, managing director at iamsold, comments: “It’s really positive to see the strong end to the year that auction is experiencing. Our Modern Method of Auction solution remains really popular amongst vendors in need of quick and secure sales, while our first virtual auction was a big success and we’re considering making these a regular fixture going forward.”

“The popularity of online and now virtual auctions has been steadily rising, fast-tracked by Covid-19 taking traditionally in-room auctions online. We’ve pioneered combining the benefits of the Modern Method of Auction with the online format for over 10 years and it’s never been such a valuable method, getting vendors moving quickly, securely and safely.” 

‘Three is the lucky number’, claims Network Auctions expert

Network Auctions’ latest results from its December 10 sale has prompted auctioneer Richard Worrall to claim three as the lucky number, following another ‘stellar’ performance.

Worrall says: “On the first auction of the year we sold lot 3 for £157,000 off a guide price of £5,000-plus. Now, on the last auction of the year, we sold lot 3 for £163,500 off a guide price of £20-25,000.”

Worrall believes in superstition and frequently wears his lucky Penguin pants – which he wore the night Chelsea won the Champions League in 2012 – and tartan tie on auction day.

“Numbers and their meanings have long held to have importance over people’s lives, so much so that in China, buildings often omit the fourth floor, because the pronunciation of the word is similar to that of the Chinese word for death,” he adds.

“When it comes to the number 3, the signs look auspicious. The Pythagoreans believed the number 3 to be the first real number and the number of harmony, while in numerology, the number 3 is all about abundance and happy communications.”

Worrall continues: “In Korea, 3 is considered to be the luckiest number because the number 3 symbolises control over ground and heaven, with 1 representing the sky and 2 representing the earth, adding them together produces 3.”

Will the lucky lot 3 hold? Only the next auction on 11 February 2021 will tell! Visit www.networkauctions.co.uk for more details.

*Here at Property Investor Today, we have witnessed the tenacity and resilience of the auction market against the backdrop of Covid-19 and would like to congratulate those who made the seamless transition to online in order to continue business.

We would also like to thank you for sharing your facts, figures, and success stories throughout 2020. This marks the last roundup of the year, but we will return in 2021 to bring you more exciting auction news.

Have a Merry Christmas and a Happy New Year!

This post has originally been featured in Property Investor Today.