This week, Property Investor Today takes a look at the latest auction results from iamsold and SDL Property Auctions, as well as what we can expect from Bond Wolfe Auctions in the run-up to Christmas.
iamsold’s virtual auction raises over £1.8m for sellers
iamsold’s bumper virtual property auction sold 24 lots and raised over £1.8 million at its November 26 auction.
Prior to the sale, an additional five lots were sold to buyers, raising a further £300,000 in capital value.
There were over 250 attendees and a total of 488 bids were made. Competitive bidding saw 15 properties sell for well above their reserve price.
This year, iamsold’s online auction sales are up almost 12% compared to the same period in 2019. This comes as the Modern Method of Auction (MMoA) and online auctions as a category are experiencing substantial growth.
Benefits of MMoA include speed and security, which people are relying on more than ever in this year’s market, driven by lifestyle changes brought on by Covid-19.
“It’s always great to see high levels of activity like this in our auctions,” says Jamie Cooke, managing director at iamsold.
“There was a real appetite for the variety of properties the auction offered, getting successful results for our Partner Agents and their vendors, at a time when people are increasingly looking for a speedy process.”
He adds: “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.”
Promise of speedy sale makes auctions ever popular this Christmas
Auctions continued to do exceptionally well during Lockdown 2, with SDL Property Auctions achieving ‘outstanding’ results for sellers in November.
Buyers flocked to bid in both ‘Auction Events’ and ‘Timed Auctions’ during the month. Its Auction Event saw more than 100 bidders drive up the price of the first three lots so they exceeded their guide price.
The sale began with several terraced properties in Derby, including two adjoining mid-terraced properties – 73 Richmond Road and 75 Richmond Road – which sold for £89,000 and £84,000 respectively against a guide of £45,000-plus.
Managing director and auctioneer Andrew Parker comments: “This was our penultimate Auction Event of the year but there were no signs of demand slowing down, and this type of property will always be popular, with the need for refurbishment providing the opportunity to add value and the style being ever sought-after on the rental market.”
Timed Auctions also produced favourable results in November, including 109 Lower Villiers Street in Blakenhall, Wolverhampton. Sold in partnership with Nick Tart Estate Agents in Tettenhall, the three bedroomed semi-detached refurbishment property attracted 125 bids from 10 different bidders, selling for £149,000 from a guide price of £76,000-plus.
There was also fierce bidding for commercial lots. One of the most high-profile and high-value lots of the month was The George Centre in Grantham, a shopping centre comprising a part Grade II-listed building with office space and the potential for residential conversion on the upper floors, subject to planning permission. It sold in the Auction Event for £1,010,000 from a guide price of £950,000-plus.
SDL Property Auctions – previously SDL Auctions – will host its final sale of the year on Friday 18 December for its Auction Event.
Parker concludes: “With the continuing uncertainty triggered by the pandemic, auctions can provide the certainty that people need right now. Whichever auction method you choose, we can help you achieve a great result for your property and guarantee to beat the stamp duty holiday deadline.”
It’s ‘bargains galore’ at Bond Wolfe Auctions
Bond Wolfe Auctions has announced some bargain lots for its upcoming December sale.
Of its 184 lots, one ‘rare opportunity’ is a pair of neighbouring houses near an attractive park in Coventry. The semi-detached houses at 2 and 4 Recreation Road are located next to Longford Park on the north-eastern edge of the city. They have a combined guide price of just £100,000-plus.
Both are vacant and in need of modernisation, and may be suitable for redevelopment subject to planning consents.
Gurpreet Bassi, chief executive of Bond Wolfe Auctions, comments: “You don’t get many lots like this one which offers two homes with such a low starting price, benefitting from driveways, front and back gardens, and double glazing.”
“Yes, they need a little work, but what a tremendous opportunity for either a family looking to make a sizeable conversion or a landlord wanting to extend their portfolio.”
Meanwhile, a string of homes across Stoke-on-Trent are set to attract house hunters with DIY skills and property investors alike, with prices starting at just £15,000-plus.
Among the bargains is a two-bedroom mid terraced house at 72 St Aidans Street in Tunstall, which has been subject to fire damage, and a similar style property four miles away at 40 Lower Mayer Street in Hanley.
Both come with a guide price of £15,000-plus and comprise two reception rooms, a kitchen and a bathroom on the ground floor with two bedrooms on the first floor. Both stand flush to the pavement and have a yard at the rear, but the Hanley property benefits from a gas-fired central heating system and UPVC double glazing.
What’s more, dozens of homes across the Black Country have been entered for sale, including a series of three-bedroom, semi-detached homes with a guide price of just £50,000 and a two-bedroom mid-terraced house with a price of £29,000-£34,000.
“For young house hunters, looking for their first home, these properties offer an opportunity to get a foot on the housing ladder for those willing and able to put in the necessary work,” Bassi says.
“These properties also offer commercial opportunities to the growing community of small-scale property developers and, of course, helps the wider community as more homes are brought back into use.”
Bond Wolfe’s auction will take place on Wednesday 9 December at 9am, making it the fifth sale held by the auctioneer since Covid restrictions were introduced in March. It follows Bond Wolfe’s record result of £21.3 million at its October sale.
Bassi concludes: “We are experiencing a huge interest in our livestreamed auctions, with 603,152 website page views, 103,626 video tours watched and over 32,666 people tuning in to watch the 28 October auction live.”
This post has originally been featured in Property Investor Today.