Online Property Auctions Are Go!

Written by: Paul Thompson on 12th May 2020

Online Property Auctions Are Go!

It’s been an interesting few weeks in the world of property auctions, with the launch of our latest auction catalogue coinciding with Boris Johnson's lockdown speech.

At that point it felt like the opening titles of Thunderbirds as we pressed the red button and instantly switched the entire traditional room auction operation over to our online only platform.

Whilst some Vendors were clearly nervous, what we have seen through this auction cycle is the peripheral one time investors sitting back but the serial investors are still seeing value in property . The metrics such as enquiries, preauction offers & legal pack downloads speak for themselves and provide persuasive evidence that the market is still in play. By providing virtual viewings we were able to bridge that potential disconnect between the property and the investor and the back stop date for the auction always provides that useful lever to force action from interested parties who could also see the longer term returns on such a purchase.

So, despite the global pandemic, we sold 51 lots with a combined value of over £4.8 million, across all sectors, based on reserves set prior to lockdown, with realisations across the auction at 24% above guide price and 17% above reserves, which goes against the general market narrative and provides an excellent independent benchmark for those considering selling at this time.

To see the full results from our April auctions, please click here.

If you are interested in selling property or land in our online auctions, follow this link for a FREE auction appraisal.

Written by: Paul Thompson on 12th May 2020


About the Author

Paul is a Chartered Surveyor and member of the National Association of Valuers and Auctioneers (NAVA). He is also one of the few auctioneers in the country with a position on the RICS Real Estate Auction Committee.

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