Auctions – held remotely – have soared in popularity during lockdown, with many people viewing them as a fast, simple way to buy or sell property from the safety of their own homes. Here, we carry out a quick summary of the latest auction news.
Network Auctions turns to single lots to boost adrenaline
Unsold lots are the bane of an auctioneer’s life – even more so in the current climate when there’s no after-sale buzz to prompt bidders to purchase post-auction.
“After the ballroom sale, we would still be tying up deals from lots that didn’t meet their reserve,” Toby Limbrick, director at Network Auctions, commented. “But of course, when we’re doing things online, people don’t have the same euphoria you find in the auction room. We know many people make purchases not just based on market value, but adrenaline.”
He added: “We tried to figure out what we could do to deliver to our clients to ensure they made a successful sale and came up with the ‘Single Lot Online Sale’. The sale operates the same as our online auctions, the difference being it’s the only lot being sold!”
The firm recently sold a four-bedroom house, above the reserve, in Deptford, South London, for £545,000. “The remarkable thing about this sale is it’s been in the last two auction sales but didn’t sell – perhaps because people were focusing on investment lots, rather than looking at end user stock, which this would fall into that category,” Limbrick said.
“We firmly believe Single Lot Sales will become an increasingly common way of selling properties because it spotlights a single property, but also increases interest due to the shorter timeframe. Everyone involved in this deal is here to do a deal – we have a party who wants to sell and a party who wants to buy, there’s no room for anybody else in-between!”
Network Auctions will be running a series of single lots sales over the next few days and a collective online sale on July 15. You can find out more here.
SDL Auctions set to hold UK’s largest live broadcast auction
SDL Auctions is getting ready to host the largest live broadcast auction in the country this month with the launch of its latest catalogue.
To maintain social distancing, SDL Auctions has moved its room auctions to virtual national property auctions, broadcast live online. With 161 residential and commercial property lots going under the hammer on June 30, it will be the biggest live-broadcast auction anywhere in the UK this month.
Andrew Parker, managing director and auctioneer at SDL Auctions, said: “Our monthly national property auctions are going from strength to strength, with a growing number of lots each time. We’re reaching a huge audience of serious buyers and this is reflected in our excellent sales figures.”
SDL Auctions has sold an average of five properties each working day since the start of the lockdown period, raising more than £34 million for sellers.
The figures, the firm said, offers further evidence that SDL Auctions is providing a valuable service during the pandemic, ‘not just to private sellers but to estate agents, too’. This month’s auction, for example, features 39 lots from partner agents.
“It’s been a particularly tough time for estate agents as the private treaty market all but ground to a halt in March, with many sales falling through,” Parker added. “We’ve been able to secure deals for sellers, at the same time helping estate agents to keep some income flowing. It’s a win-win for all parties.”
Parker will be back in the auction studio at the company’s head office next Tuesday for what is being billed as ‘another bumper auction’. All the action can be watched live on the company’s website with bids placed online, over the phone or by proxy.
Hoping to get the auction off to a flying start will be the sale of a detached family house in a desirable part of Derby, which has already received a great deal of interest from prospective buyers.
Requiring full renovation, 11 Cavendish Way in Mickleover sits on a large corner plot with the potential to be extended, subject to planning permission. The bay-fronted property has three/four bedrooms, three reception rooms and a conservatory, and is being sold with a guide price of £210,000-plus.
Investors have the pick of the properties all over the country, with those in the West Midlands potentially wishing to take a closer look at 12 St Johns Road in Dudley, which has the potential to become a House in Multiple Occupancy (HMO), subject to planning permission.
Currently vacant, the three-storey investment property was recently let for £850pcm, and features a reception room, two kitchens, five bedrooms, two bathrooms and a shower cubicle. It has a guide price of £85,000-plus.
Meanwhile, landlords who like their properties to stand out from the crowd are advised to head north to Liverpool, where Apartment 10 in 158 Earle Road can be found in a distinctive converted pub.
The apartment, offered fully furnished, has one bedroom, an open-plan lounge/kitchen and a shower room. Sat within walking distance of local amenities, it has previously achieved a rental income of £400pcm, with a guide price of only £32,000-plus.
Among the commercial lots is a retail premises in the Cornish town of St Austell. With eight rooms on the two upper floors, it offers the potential for residential accommodation, subject to the necessary planning consents. 15-17 High Cross Street is a mid-terraced, three-storey commercial property formerly run as a bookshop, with a yard providing several outbuildings at the rear of the property.
Burton-on-Trent’s former magistrates’ court in Horninglow Street is also going under the hammer. The ‘magnificent Grade II-listed building’ is made up of more than 50 rooms, including the main courtroom with its magistrate’s bench and glass dock leading down to the cellar. It is packed with original period architecture, including a landmark leaded dome.
The above are just a small taster of the 161 lots going under the hammer next Tuesday. You can see the full catalogue here, and register to bid remotely by proxy, by telephone and over the internet by visiting www.sdlauctions.co.uk or calling the team on 0800 304 7879.
This post has originally been featured in Property Investor Today.