Summer is traditionally a quiet period in the property market calendar, but this wasn’t the case at our August auction last week.
With almost 300 people tuned in to watch our two-day online property sale, we knew we were set to see some amazing bidding and even better results.
We offered 50+ fantastic residential and commercial properties from all over the UK under the virtual hammer, raising an impressive £3.2M for our clients at auction.
“Interest levels jumped significantly this auction cycle with lots of buyers aiming to secure a sale before the final reductions in stamp duty for homes up to £250,000 are lifted in October.
Although stamp duty is set to return to normal soon, we are still in an incredibly buoyant market where demand is still outstripping supply. So, if you’re considering selling, now is a great time to do it! We are now moving into our September cycle which in 2020 saw our 29-year auction record smashed with an incredible 60 sales tied up.
If you’re interested in entering your property into our next auction taking place on the 14th – 15th September, please do give us a call on 0161 443 4740.”
So far, almost 50% of the lots available at our August auction have now sold, with deals still being done every day. We still have some fantastic properties up for sale post auction, so make sure you take a look at our catalogue!
It’s safe to say that our team has worked incredibly hard to help both our dedicated buyers and motivated vendors achieve their property goals – and we can’t wait to do it all again next month.
You can click here to view the full list of results from last week.
If you’re here for the highlights from our summer sale, you’re in the right place. Let’s take a quick look at a few residential and commercial properties that stole the show at our August auction.
The first lot we’d like to talk about is number 6, a one-bedroom mid-terrace property in Bolton. We worked with the vendor of this property many years ago, last selling a house for them in 2008. They reached out to our auction valuer, Louise McDonald, who they had worked with all those years ago, about selling a property that they had inherited earlier in the year.
Our team, especially Louise, specialise in selling probate properties and was able to guide our client through the whole process, taking it one step at a time. Louise listed the property with a guide of £40,000 hoping to achieve between £45,000 and £50,000 for our client.
After 151 virtual viewings, 16 physical viewings, and 13 offers the property sold for a fantastic price of £68,000! The successful buyer didn’t attend a physical viewing which goes to show just how powerful our virtual viewing tours are. Here’s what our happy client had to say:
“A really excellent service which guided us through the entire selling process. The professionalism and experience of the Edward Mellor staff were outstanding and the result exceeded our expectations. We had used Edward Mellor auctions years ago, but our return, under the new online auction method, was a first for us which resulted in a most satisfactory sale of a bereavement property.” – 5* AllAgents Review, Alison.
Next, we’d like to talk about lot 12, a 3-bedroom semi-detached property in Hazel Grove. Previously on the open market with an estate agent for £189,999, this property had secured two sales that both fell through.
Tired of waiting on the open market, the asset management company selling the property decided to explore other avenues. In need of a fast, secure sale, they approached our team after deciding auction was the best method to sell the house. After we established our client’s property goals, we set the guide price at £150,000 with the reserve price of £160,000.
After 79 virtual viewings, 48 potential buyers attended several block viewings at the house resulting in 13 offers being made. Following 75 bids from 9 motivated buyers, the hammer finally fell on a sale price of £200,000.
Although our clients are delighted with the price that we achieved, they’re happier at the fact their sale is secure. Once the gavel falls in an auction, the sale exchanges. This means that the successful buyer is then legally obligated to buy your property. This is just one of the many benefits selling your property at auction has over the open market.
The last lot we’d like to talk about is number 38, a former liberal club in Stalybridge. The vendor bought this property via our auction years ago with the intention of converting it into flats. Although our client obtained planning permission to convert the property into three apartments, they never managed to move the project forward, so decided it was time to sell. That’s where we come in.
After discussing our vendor’s needs and expectations, we agreed on a guide price of £120,000 with the aim of achieving between £140,000 and £150,000. After two weeks of marketing the property, we had conducted 22 viewings and received 5 offers.
Over our two-day auction, the property received a whopping 195 bids from 5 highly motivated bidders. When the virtual hammer finally fell, the property sold for £240,500 – a staggering £100,500 over the reserve price! As you can imagine, our client was over the moon with the final result.
Our dedicated team is here to help you achieve your property goals, whether that be buying or selling.
If you’d like to find out more about selling your property at auction or would like help registering for our next auction taking place on 14th-15th August, please contact our team on 0161 443 4740 or email [email protected]