Auction roundup – webinars, large catalogues and April results

30 April 2021 | Investment

Despite MMoA becoming a more mainstream way to buy and sell property, the company says there are still misconceptions surrounding it and aims to address them in the webinar, along with the evolution of the method and its benefits.

iamsold’s MMoA sales grew by 18% in 2020 and the method is continuing to gain momentum. Earlier this month, Rightmove launched a new digital auction feature powered by iamsold, with MMoA sales breaking records.

Hosted by iamsold’s head of partnerships Tom Bailey with panellists managing director Jamie Cooke and head of compliance Emma Burdis, the session will cover:

  • How did the Modern Method of Auction start – talking about how MMoA works, who it is for and busting the myths and misconceptions around the method.

  • Putting the spotlight on transparency and compliance – discussing the importance of transparency, iamsold’s industry-backed Best Practice Guide and the roadmap for more improvements in the future.

  • The future of MMoA – looking at how Rightmove and Zoopla are supporting MMoA and what it means for adoption of the method, auction market predictions for the remainder of 2021, and what innovation is to come.

  • Q&A – time at the end for any questions to be asked.

Commenting on the upcoming webinar, Jamie Cooke says: “With interest in the Modern Method of Auction growing at speed and more agents considering offering it to meet demand from consumers, we want to use this webinar to share more information about the method and answer any questions people may have.”

“It will be a great opportunity for agents to learn more about the benefits MMoA can give them and their clients, and ultimately clear up any misconceptions.”

According to Cooke, one misconception is a lack of transparency around fees, which MMoA has faced criticism for.

“This is an area we’ve driven significant change around to ensure full transparency and that consumers have a consistent MMoA experience,” he adds. “By addressing things like this we hope people will leave the session with a better understanding of MMoA and its place in the market.”

Having recently taken the top spot of Essential Information Group’s 2020 auctioneer league table, iamsold has pioneered the Modern Method of Auction for the last decade and provides auction services to over 2,500 estate agency branches.

The webinar will take place on Thursday May 13 from 11am. Those wanting to attend can register and book their spot here.

Allsop’s May resi catalogue to feature 200 lots

Allsop has released its May residential auction, offering 200 lots across a range of locations within the UK.

The sale boasts an extensive selection of investment opportunities which include houses, apartments and mixed-use schemes, as well as a unique building of historical importance – Grade I listed mansion Kinmel Hall in Wales.

The highest value lot of the auction is a block of flats in Godalming, Surrey, with bids sought in excess of £5.5 million.

Richard Adamson, partner and residential auctioneer at Allsop, comments: “We are delighted to announce the release of our May residential auction catalogue which includes 200 high-quality lots located across the country.”

“As lockdown restrictions are eased and with the stamp duty holiday extended, the market is full of confidence, with strong appetite for well-priced property. We have experienced constantly increasing demand over the past 12 months and expect this to continue over the summer months.”

Highlights from the residential catalogue include:

  • Lot 87 – a freehold block of 34 self-contained flats in Godalming, Surrey (total current rent reserved – £292,763 per annum), guided at £5.5m-plus with planning consent granted for an additional nine flats

  • Lot 23 – a freehold vacant site in Finsbury Park, London, occupied by a detached double bay fronted building and a coach house, with a total GIA of approximately 5,609 sq ft, guided at £3.25m-plus

  • Lot 68 – a freehold mixed-use building in New Cross, London, comprising two retail units and four self-contained flats (total current rent reserved – £79,200 per annum, with one flat vacant), guided at between £1.4-£1.5-million

  • 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 is guided at £750,000 and is sold together with a large stable block.

Allsop’s next online-only residential auction will take place on May 13. The catalogue can be found here.

Historic home sells at auction 52 years later at 9330% more

A property that was first sold at auction over 50 years ago has been sold again under the hammer for a whopping 9330% more than the original sale price.

Little Granary in Woldingham, Surrey, was originally bought in 1969 for £13,000 and was sold last week (April 22) by Network Auctions for £1,226,000 – a 94-fold increase – despite the property being in disrepair.

The sold price equates to a staggering average increase of 179% per year.

The property, a three-bedroom detached house with double garage, was originally a 1950s architect-designed house, and was being sold by Order of the Trustees. It had been unoccupied for many years, and the 1.16-acre west-facing plot was surrounded by security fencing.   

Auctioneer Toby Limbrick comments: “On the day we listed the property with a guide price of £750,000-plus. We received two offers, so we knew the market was hot for this lot.”

“Despite its poor condition, it was in a prime location and had huge potential. Even 24 hours before the auction began, we received pre-auction offers in excess of two hundred thousand over the guide price, but we advised the vendors to go to the auction because we wanted to ensure they got the best price.”

Some 19 people registered to bid. Bidding opened at £751,000 and attracted 119 bids, pushing the final hammer price to £1,226,000.

“Despite the difficulties of the pandemic, property auctions have remained buoyant. We have produced some of our best results during this challenging year,” Limbrick concludes.

Network Auctions’ April 22 online auction sold 84% and raised £5.8 million.

<!– LinkedIn –> This post has originally been featured in Property Investor Today.