Auction roundup – May madness and spring success

4 June 2021 | Investment

Sutton Kersh Auctions’ third auction of the year on May 27 saw 85% of lots offered being sold, with just under £4 million worth of property sold pre-auction and a further £8 million worth of property sold on the day.

Residential properties in Liverpool, Cheshire and throughout the UK were more popular than ever, with clear demand for these types of properties reflected in many achieving above guide price.

The first lot offered, a three-bed, three-storey end terrace house in L13 in need of full refurbishment, sold for £46,000 above the guide price.

Meanwhile, lot 3, another three-bed residential property also situated in the L13 area of Liverpool, had a guide of £75,000 and sold for £115,000.

Another popular residential property in the highly desirable area of Childwall, Liverpool, generated a lot of interest both prior to auction and on the day. Again, a three-bed semi-detached property that is currently let, sold for over £40,000 of the guide price.

Cathy Holt, associate director of Sutton Kersh Auctions, describes the May auction as a huge success, having sold over £10 million worth of property, similar to its February and April sales.

She adds: “We also saw our auction follow suit with the UK market trends of there being a huge demand for residential properties.”

“We have also seen that homes located on or close to the UK Coastlines are selling for above their guide prices as many investors are looking to let them out or to keep as second homes making full use of the extended stamp duty holiday.”

Properties located on the South Coast also saw some strong bidding activity, with the majority of properties in the area being sold prior to the actual online auction. Lot 138 in Torquay sold for £143,000 – £43,000 over the guide despite it needing complete refurbishment.

Sutton Kersh Auctions will be holding its next auction on July 15.

Network Auctions smashes into spring property market

Network Auctions’ latest spring auction on May 27 saw multiple lots attracting hundreds of bids, reflecting a bounce-back in the property market.

Auctioneer Toby Limbrick comments: “Our latest results continue to show how mega the property market is right now. There is huge appetite for buying property and online is proving extremely popular with bidders.”

“We had 145 bids for a former funeral parlour in Devon, which saw the opening bid of £225,000 soar to £325,000. Who knows what it will be going forwards!”

A mid-terraced property in Aylesbury with the potential for two flats also attracted 103 bids and saw the guide price of £130,000 hit a hammer price of £212,000.

But the most ‘stellar’ result was reserved for a lot of freehold land, equivalent to 1.05 acres, and comprising the highway, paths verges and parcels of land in Catford, London. Situated in Chilthorne Close, Ravensbourne Park Crescent and Ravensbourne Park, the initial guide price of £5,000 attracted 116 bids, boosting the price a whopping 4,500% to £230,000.

Limbrick adds: “We are delighted to see the results we have produced for our clients.”

Network Auctions’ May sale recorded a 78% sales result raising a total of £5.16 million. Its next online collective auction will be held on July 8 2021.

Demand for auction property still strong, says Bond Wolfe

Bond Wolfe Auctions has set a new company record for the most lots offered in a day in its May auction.

The marathon online, live-streamed event saw 201 lots sold from the 220 offered, representing a success rate of 92% and raising over £23.5 million in sales.

The build-up to the auction reflected the increasing regional, national and global demand for property with 797,107 website page views, 162,792 video tours and 68,228 legal packs downloaded.

Gurpreet Bassi, chief executive of Bond Wolfe Auctions, comments: “The easing of some lockdown restrictions has helped and the marketing period up to the auction remained as busy as ever, demonstrating that the demand for well-priced property in our live-streamed auctions continues to grow.”

Standout lots included a three-bedroom, mid-terraced house on Grosvenor Road in Harborne, Birmingham, which sold for £336,000 from a guide price of £100,000-plus.

Similarly, a freehold, semi-detached property on 15 Botteville Road in Acocks Green, which has been converted into two self-contained flats, was also offered with a guide price of £100,000-plus and went on to raise £280,000 when the gavel fell.

Over in Warwickshire in Leamington Spa, 1 Spencer Street, a substantial townhouse that had previously been used as a nursery and also had a basement apartment, sold for £595,000 from a guide price of £555,000-plus.

In Kidderminster, Worcestershire, a former pub called The Barrel in Bromsgrove Street, which had been modernised and extended to provide a mixed-use investment of flats, restaurant and storage units, sold for £940,000 from a guide price of £850,000-plus.

Bassi adds: “The results once again speak for themselves and demonstrate that the auction buyer’s appetite for attractively priced property remains strong and we are delighted with the results we are achieving for our vendors.”

Bond Wolfe Auctions’ next auction will take place on Wednesday July 21. 

iamsold sees southern property auction boom

iamsold has witnessed ‘rocketing’ auction demand in the Home Counties, with over £110 million worth of property sold in the South of England already this year.

According to the auction house, this figure is up by 123% compared to the same period in 2020 and almost four times higher than the same period in 2019.

Across the first four months of this year, iamsold has supported agents with 513 southern property sales via online auction and saw its network of estate agents in the south grow to 1,216, with over £5 million in fees paid out to these agents.

The property auctioneer expects the rise in demand to run into the summer and beyond while the stamp duty holiday is still live and the Modern Method of Auction (MMoA) continues to become more accessible to agents and vendors – boosted by its relationships with both of the UK’s leading portals, Rightmove and Zoopla.

Jamie Cooke, managing director at iamsold, comments: “The south has always led the way in any UK property boom trends and we are seeing demand for MMoA sales really ramp up here.”

“As a result, the biggest growth in estate agents joining our network is in the south of the country and we expect this to continue, as agents in the region experience the benefits of having auction in their service offering, helping them to win new instructions.”

Cooke says with the average sale price of properties in the south almost double of those in the north currently, agents in the south ‘have a lot to gain’ by embracing online auction now while the market is hot.

“The benefits of the Modern Method of Auction are even more relevant to the current demand for property – speed, security, transparency, competitive bidding that drives results and of course offering choice aligned to vendors’ circumstances.”

“Via our relationships with both Rightmove and Zoopla, consumers are becoming increasingly aware of the options to buy and sell via MMoA, with confidence growing in auction as a quick and secure way to get moving,” he concludes.

Strong results continue as SDL Property Auctions smashes May record

SDL Property Auctions ended the month with a total of more than £26.7 million raised for sellers – beating its May 2020 total by 28%.

The figure was raised through its live-streamed Auction Events, daily Timed Auctions and Buy It Now sales.

It also had featured properties from a tiny retail unit in Barnsley, which sold in the National Property Auction for £24,500 from a guide of £22,000, to a £1.3 million maisonette in the heart of St James in London, offered in the Knight Frank Auction.

Plenty of buyers managed to squeeze their purchase in before the end of the stamp duty holiday for properties within the £250,000-£500,000 bracket. Falling into this range was 29 Beech Road in Oadby, a well-presented detached family home on a corner plot, which sold for £271,000 from a guide price of £250,000. 

Managing director and auctioneer Andrew Parker comments: “We have sold several family homes in this price bracket this month, as buyers grab their last opportunity to beat the stamp duty holiday deadline. Thanks to the speed and efficiency of auctions, they will complete their purchase before the end of June.”

One of the more eagerly-anticipated properties in the National Property Auction was a dilapidated bungalow near Chester, which came to the market for the first time since the 1950s. Empty for the past 15 years and completely overgrown, Gaylyn, 10 Old Lane in Pulford sits on a large plot in an idyllic location on the outskirts of the village and is thought to be suitable for redevelopment subject to planning permission.

The property was offered for sale in partnership with Humphreys, with a guide price of £185,000-plus, and sold for £240,000 following a lengthy bidding battle.

Bidders took advantage of all auction types and Buy It Now sales provided a fast, hassle-free way to secure a new home. Among them was 101 Earlsdon Avenue North in Coventry, a mid-terraced property with three reception rooms and four double bedrooms. The property was offered for sale for a fixed price of £242,000 in partnership with Foster Lewis.

Meanwhile, Timed Auctions attracted strong bidding, with a semi-detached property in Shropshire drawing around 70 bids from six different bidders.

Offered for sale in partnership with Nick Tart, 1 Morfe Road, The Grove in Bridgnorth, is well presented and has two reception rooms, a fitted kitchen and utility room, three bedrooms and large gardens. It sold for £155,000 from a £110,000-plus guide.

Parker concludes: “As another successful month comes to a close, it’s another opportunity to look back at how far we’ve come. This time last year we were thrilled with our ‘mega month of May’ but one year on we have smashed that total and continue to grow our business.”

Earlier this week, Property Investor Today received an exclusive from Andrew Parker on SDL Property Auctions’ success over the last year. You can take a look here.

This post has originally been featured in Property Investor Today.