Last week, we offered 70+ fantastic residential and commercial properties from all over the UK under the virtual hammer, raising an impressive £4.7M for our clients at auction.
We saw high levels of buyer activity in and out of the virtual auction room with many purchasers keen to beat the stamp duty deadline.
This rush to complete purchases before the stamp duty holiday for properties priced £250,000-£500,000 comes to an end on 30th June has sparked a heatwave of activity – especially at auction.
According to The Essential Information Group, the number of lots sold at auction increased by 11% over the last two months, and a staggering 69% from April 2020-21.
“Over the last 11 months we’ve raised £64,401,538 for our sellers, and since the beginning of January 2021, we’ve raised £29,171,243! These are both record-breaking figures for us, and the market is showing no signs of slowing down.”
“This auction, we generated £4,737,000 for our vendors with a lot of deals taking place outside of our two-day online auction.
We’ve had a huge phone response since our May auction with lots of business taking place post-sale. This auction we sold a substantial portfolio for a client and achieved a price way above our vendor’s expectations, with challenging circumstances with access to the properties in less than 30 days!”
An increasing number of buyers and sellers have discovered that auction is the best way to beat the stamp duty deadline and guarantee their property sale completes in time.
Typically, lots sold at auction take 28 days to complete following the date of the auction. This means May’s buyers will receive their keys before the end of June.
The first lot we’d like to talk about is number 28, a portfolio of 5 tenanted apartments in Bredbury. The family who owned these properties wanted to reduce their portfolio to enjoy a slower pace of life and decided now was the right time to sell.
They reached out to our estate agency team initially, who introduced them to the idea of selling at an auction. Our auction team has extensive experience selling portfolios, so we knew we could achieve a great result for our clients.
After their free appraisal, the vendors decided auction was going to be the best route to help them achieve the result they were looking for. We guided this portfolio at £310,000 and after just four days of marketing the properties, we started to receive offers.
After 14 days and multiple pre-auction offers, our client accepted an offer they were really happy with and exchanged contracts. It took us two weeks to help our vendors achieve the results they were looking for and move onto the next chapter of their life.
Next, we’d like to talk about lot 36, a three-bedroom property in Clayton. Our client has owned this house for many years and had rented it out for the majority of them.
Sadly, the last tenants left the property “in a bit of a mess” to say the least, so our client decided it was time to sell up. After a chat with the vendor, we aimed to sell their property somewhere around £75,000 to £85,000. Although the property was in need of a full renovation, it was in a great location close to the Etihad Complex. We started with a guide price of £68,000 and very quickly, following customers viewing the interactive tour, it started to attract a lot of interest.
After 183 virtual viewings, 29 requests for a physical viewing, and 6 offers the property sold for a fantastic price of £130,000! Here’s what our happy client had to say:
“I’m delighted with Edward Mellor’s service. From meeting Louise at the property with her experience & knowledge which is 2nd to none. She took me through step by step and explained the process in detail. She took the video for the virtual viewing so as soon as I signed the terms it was on the market. Within 2 weeks I had over 20 viewings & several offers prior to the Auction. The virtual Auction took place & I was delighted with the outcome. The property has now exchanged with completion in 28 days. 5* Service.”
The next lot we’d like to talk about is 51, a public house sold as a tenanted investment in Brighouse. The ‘Grove Inn’ is set in a lovely village location in West Yorkshire, and after months without any visitors through its doors, the owner decided it was time to sell. With years of commercial experience under their belt, our team knew they could achieve a great result for the vendor, despite the current challenges within the hospitality market due to Covid.
Although the pub was being sold as a tenanted investment, it has amazing potential for development, subject to planning. Our auction team has a network of developers looking for their next big project, so as soon the property hit the market, our team started to connect with all of the right people.
We set a guide price of £185,000, and after 10 viewings, our client accepted an offer prior to our May auction. They were pleased with the result and the fact they were going to get the money from their sale just 28 days after exchanging contracts.
Last but certainly not least, we’re going to talk about lot 56, a grand 3-bedroom family home set in Cheshire. The vendors approached our team after their sale fell through twice on the open market. They had already bought their onward purchase and had moved out of the property, so needed to achieve a quick sale at the right price to move onto the next chapter of their journey.
At auction, you don’t need to worry about fall-throughs because as soon as the hammer goes down the contracts are exchanged and the completion date is legally set.
We guided this beautiful country home at £520,000 and after three days of marketing the property, started to receive pre-auction offers. After 10 days, the vendors accepted an offer that was HIGHER than the one they’d originally achieved on the open market! Our clients were really pleased with the result and the fact this was the last time they’d have to go through the sales process with this property.
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 16th-17th June, please contact our team on 0161 443 4740 or email [email protected].