We had a fantastic July auction, filled with unique properties, competitive bidding and great results!
Our fifth online property auction since lockdown saw an amazing 26 lots sell, raising over £3.6m.
Our Head of Auctions, Aaron Wade, commented on the success of the online property auction:
“It was great to see another really strong following of the auction with 286 buyers engaged and looking to bid. It was also interesting to see that we had buyers from all over the globe, even as far as China and Kuwait bidding with us. Holding our sales on a three-weekly basis allows us to really engage with both our buyers and vendors in order to deliver better results.
We will be running a special property auction on the 29th July, so make sure you check it out! The next full auction starts on the 12th August. Thanks again for all that participated and we look forward to hearing from you soon!”
Did you miss our July auction? You can click here to view the full list of results from last week.
We still have a few fantastic properties for sale post-auction, so make sure you take a look. You could bag yourself a bargain!
Let’s take a second to look at a few residential and commercial properties that stole the show at our summer sale.
One of the highlights early on in our online auction was the sale of the above one-bed mews property in Belle Vue, Manchester.
The perfect buy-to-let opportunity, this lot had enjoyed some modernisation over the years and benefitted from potential rental incomes of around £600-£650 pcm.
After speaking to the owners, our experienced valuers guided this property at £55,000.
It generated quite a bit of interest prior to auction day due to its virtual tour which really helped our customers view this property from the comfort of their own home. We’d even received some pre-auction offers of around £70,000 but we knew we could achieve more. After some 21 bids, the virtual gavel finally fell on a sale price of £82,000 – an astounding £27,000 above guide!
We make the process of buying houses as stress-free and accessible as possible and Ellen Wilkinson Crescent is a great example of how our virtual tours massively helped our vendor achieve an amazing result for their property.
Next up is Lot 20, an 18-bedroom hotel in North Shore, Blackpool.
The property was entered into a rival auctioneers sale in April- June this year, however, it had failed to sell at a guide of £150,000.
Understandably, the owner was beginning to feel quite frustrated with the lack of progress and communication.
So, they came to us…
We sat and listened to our client to really understand what they were trying to achieve. From there we developed a considered strategy to include floor plans, a virtual viewing and a detailed brief of what the hotel could be in terms of producing income, conversion and also its previous history which we felt was important to the story.
We felt that the guide was too low at £150,000 and so guided this property at £165,000.
Within 2 weeks of going live, we managed to deliver several qualified and suitable potential buyers and then agreed on a sale prior to the auction at a price of over 20% of the previous auctioneers suggested guide.
With years of knowledge and experience under our belt, we are the experts when it comes to accepting a pre-auction offer and when to let the room decide.
The next lot we’d like to talk about is Lot 38, a 3-bed property situated in Collyhurst.
The perfect first-time property project, this home is ideal for anyone looking to take a step onto the property development ladder.
The owners were originally going to sell by a cash offer company as they were in need of a speedy sale, however, knew they could do better if they came to us.
After speaking with the client, we advised them to guide the property at £75,000 with a very keen reserve price to ensure it sold.
On auction day, the property received 81 bids from 14 bidders and finally fell on a sale price of £119,500 – a staggering £44,500 above guide!
Although a little apprehensive at first to set the guide price quite low, our clients put their trust in our team to deliver and they went above and beyond. We’re sure they’re more than happy they did!
— EdwardMellorAuction (@MellorAuction) June 22, 2017
The success of our online auction just goes to show that despite these unpredictable times, life goes on and the process of buying and selling property is still something that can be achieved.