Counties in the North West of England saw a big increase in both the number of lots offered and sold at auction in May, fresh data shows.
According to the latest figures for May released by the Essential Information Group (EIG), there was a sharp double-digit increase in the number of properties sold for the month.
The percentage of properties sold shot up by 11% from 297 to 331, with a total of £83.7 million raised across North West Counties.
|March 2019 to May 2019||Total||Residential||Commercial|
|Lots Offered||413 (399)||▲ 3.5%||371 (326)||▲ 13.8%||42 (73)||▼ 42.5%|
|Lots Sold||331 (297)||▲ 11.4%||294 (241)||▲ 22.0%||37 (56)||▼ 33.9%|
|Percent Sold||80.1% (74.4%)||▲ 7.7%||79.2% (73.9%)||▲ 7.2%||88.1% (76.7%)||▲ 14.9%|
|Total Raised||£83.7M (£83.2M)||▲ 0.7%||£63.5M (£60.8M)||▲ 4.4%||£20.2M (£22.4M)||▼ 9.5%|
As one of the largest auctioneers in the North West, we’ve also noticed the positive trend in the number of lots offered and sold at our own auction.
We raised a total amount of £6,140,500 at our June auction with over 80 lots going under the gavel – and of all the properties sold on the day, 93% sold over the guide price.
It’s safe to say we had a fair few happy vendors at the end of auction day!
Related Link: June Auction Review 2019
We’re delighted to see such a positive spike in the amount of property sold at auction, but we’re even more excited about the number of people offering their property at auction.
This new data confirms that confidence in the auction market is growing!
More and more people across the North West are seeing auction as the best route to sell their property.
Selling your property at auction can be fast, straightforward and chain free.
The whole process usually lasts around 6 weeks and once the hammer falls, that’s it, your property is SOLD.
These are just a handful of reasons why more people are choosing to sell their home under the hammer.
In reality, we could reel off a long list of reasons why auction is the best method of selling your property – but we don’t want to bore you to death.
So, we’ve picked the 7 top reasons people sell at auction in 2019.
Selling at auction is usually a much quicker process than selling your property the traditional way on the open market.
As we mentioned earlier, this route of selling usually last around 6 weeks. That’s all it takes to instruct, market and sell your home under the hammer!
The auction itself is extremely fast-paced, and once the gavel falls, a completion date is set.
Lots sold at auction take just 28 days to complete, meaning you receive your cash faster than the traditional route of selling.
This also applies to properties sold subject to pre-auction offers which are pretty common these days – and can speed up the whole process entirely.
You can wave goodbye to broken chains and fall-throughs when you sell your property at auction.
With an unconditional sale, there is no backing out or renegotiating the price.
From the moment the gavel goes down, that’s it, your buyer is contractually obligated to purchase your property.
It cuts out any worry of you losing your buyer and gives you complete peace of mind that the sale will go ahead.
From large commercial properties and land to tenanted properties and renovation projects – you can sell any type of property under the gavel.
Our auction attracts investors, developers, and home-movers from across the region, all looking for something specific to suit their needs.
Having a room full of so many different types of buyer’s means we are able to successfully sell a variety of different property types.
So, if you have a property that needs a lot of work or something a little too unique for the open market, auction is the place for you.
You can sell your property exactly how it is, which provides a much simpler and flexible method of selling.
If a property is attractively priced, offering it in an auction room full of driven buyers can often push up the price of the property.
When a competitive back and forth between buyers begins, the price achieved for your property can be much higher than anticipated.
In fact, we experienced a few ‘bidding wars’ at our June auction.
It’s one of the reasons why 93% of all properties sold on the day exceeded their guide price!
The element of competition and fast bidding has a lot of appeal to both buyers and sellers.
It really does create a lot of excitement about taking part in an auction.
Prior to the auction, a fixed reserve price will be set to ensure you receive an acceptable amount for your property.
This is to protect the property’s value and to make sure that you receive an amount your happy to accept for the property.
The person taking care of the sale of your property will discuss and agree on the reserve price with you a few weeks before the sale.
This amount will not be disclosed to any potential buyers prior to the auction.
However, if you’d like to accept an offer lower than the reserve before or after the sale, you’re able to do so.
It’s a pretty flexible system that works around you.
Most auctioneers work on a national level whilst operating on a local level too.
They offer the perfect blend of regional attention from a large range of buyers and local, expert knowledge.
Exposure to both markets increases your chances of success on auction day, regardless of the property type you’re selling.
Here at Edward Mellor, we have a targeted database of nationwide buyers. So we can proactively market your property to a huge range of buyers.
If you need to sell a property fast, without the hassle of multiple chains, auction is the best route for you.
From the moment you instruct, you can pencil in the key dates of your property sale.
You’d start with the day of the auction when you expect your property to sell. Then you can set a definite completion date, just 28 days after the auction.
This is particularly helpful for those working towards deadlines.
Our expert team runs one of the largest residential and commercial property auctions in the North West, selling hundreds of lots each year.
We have more than 20 years of experience selling under the hammer across Greater Manchester, Cheshire, Tameside, Lancashire, and even further afield.
So you can be sure you’re receiving expert professional advice and the best possible service to help you achieve a great price for your property.