Last week, we offered a fantastic selection of 70+ residential and commercial properties under the virtual hammer at our first online auction of the month!
As our online property sale began to close at 12 pm on 11th March, nearly 300 people tuned in to watch all the auction action and place their final bids.
Although we saw some fantastic bidding take place throughout our online auction, we saw an unusually high level of buyer activity take place pre-auction.
“Over 50% of the sales agreed at our March auction were done before the auction had even started! Buyers were choosing to deal early so they didn’t miss out on their ideal auction property, with sellers opting for a quicker sale.
This brought the average time from listing the property to exchanging contracts down to an incredible 26 days! You may think our vendors needed to take a much lower price to agree these accelerated sales, but statistically, that is proving not to be the case.
In fact, one of the properties offered achieved over £50,000 over the vendor’s reserve!”
This auction, we raised an impressive £3,686,248 for our clients – helping our vendors sell safely and a lot quicker than they initially thought!
We still have some great properties up for sale post auction, so make sure you take a look at our catalogue – you could bag yourself a bargain!
Our dedicated team has done an amazing job helping our buyers find their perfect auction properties safely – we can’t wait to do it all again in just a few weeks’ time at our next auction taking place on Wednesday 31st March – 1st April.
You can click here to view the full list of results from last week.
Let’s take a second to look at a few residential and commercial properties that stole the show at the first property sale of the month.
This 3-bedroom property in need of renovation throughout was offered to the market guided at £265,000 – and proved to be incredibly popular!
Not only was it situated on a good road in a great location but it’s also a fantastic opportunity for any budding investor to put their own stamp on the property.
After plenty of viewings, 5 pre-auction offers, and 54 bids, lot 3 sold for a fantastic price of £335,000 under the virtual hammer.
Situated in a great location opposite Alexandra Park in Edgeley, this immaculate top-floor apartment isn’t typically the type of property you’d expect to see at auction.
The owner of this property came to us after months on the market with two estate agents and no interest. They needed a swift property sale due to a job relocation and knew Edward Mellor Auction could help.
Once we’d spoken with our clients, we guided the apartment at £135,000. After just 9 days of marketing the property, our sellers had received offers. After 13 days, they accepted an offer they were happy with and exchanged contracts. It took us less than two weeks to help our client achieve the results they were looking for and move onto the next chapter of their journey.
The owner of this large mixed-use premises actually bought it from us last year! They needed to sell this particular property to fund another important purchase, and because we knew the full history of the person and the property, were able to advise the best way to move forward.
We set the guide at £145,000 – and after 27 competitive bids – achieved a sale of £171,000 which is what our vendor needed to move on with their additional purchases.
This property started life as a betting shop, which later was leased to a laundry business for 10 years. After decades of owning the property, the owner decided that now was the right time to sell – which is where we come in.
Our client had been offered £50,000 for the property, which they were happy to accept, but we knew our client could achieve more.
We set the guide at £50,000 – and using our expertise and knowledge of the market, managed to achieve an offer much higher than our client had hoped for.
We made our client an additional 12% by opening the property up to the auction market – and wrapped up a sale ahead of auction day, exchanging contracts 8 days after listing the property.
The success of our online auction just goes to show that despite these unpredictable times, you don’t need to put your life plans on hold. Our dedicated team is still here to help you achieve your property goals safely, 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 in March, please contact our team on 0161 443 4740 or email [email protected].