Don’t forget our next auction will be July 26th and the cut-off date is July 5th so if you or your clients need auction advice let us know as soon as you can.
Monday the 19th saw our June sale at the AJ Bell Stadium. The event was not as well attended as is usual for us, perhaps down to the general election and school holidays in the run-up to the day.
From our perspective upon the rostrum there were fewer bidders on all stock, around 12% of stock had no bids, this is mirrored in results across the UK especially London where there has been a drop in sales by about 18% on average, whereas we saw a drop off of around 5% which is encouraging as this does seem to be very London centric where it is reported the market has fallen in value. This encourages the northwest as there could be an increased interest from this market and overseas in the north as has happened before where savvy buyers look for high returns on less investment.
The sales values achieved were very strong proving that keenly priced and properly reserved properties blew the market values away. Residential property sales values remained buoyant and some commercial stock is gaining interest auction by auction with more buyers coming to the table.
We sold a difficult parcel of land on behalf of receivers prior to the auction after intense negotiation proving that selling by auction does not necessarily mean the property must go to the room. The deal suited both parties and we still took a 10% deposit and exchanged.
One of the best examples in the sale was lot 68, 313 Moston Lane, Manchester. (pictured). This shop with flat over was in very poor condition.
We set a guide of £60,000: two bidders pushed this to £131,500- that is a whopping 119% over the guide price. Why does this prove that auction bucks trends?
The property had been valued by two surveyors at £65,000 to £75,000 due to poor condition, the auction market clearly works to get best price.
Let me know if you are ready for July as soon as you can. Book a free property appraisal today!