It’s been a tumultuous year across the property market throughout 2024, with a new government coming to power, changes to property legislation and ongoing speculation over how these events will impact mortgage rates.
However, despite this economic upheaval, the property market has stayed resilient with demand from buyers remaining strong. This has been especially true within the auction sector, where buyers have continued to invest in residential properties, commercial and buy-to-let units, and potential development sites.
This has kept our auction team busy as they continue to provide vendors with the best marketing and sales strategy while enabling buyers to secure the right property for their onward investment strategy – or to find an exciting new home.
As 2024 drew close to its end we were determined to continue with our usual momentum for our December auction and deliver a suitably exciting collection of auction stories to see out the year.
The auction stories we’ve chosen for this month once again highlight how our expert auction team can help vendors sell properties quickly while achieving fantastic sale prices.
During our December property auction, we exchanged contracts on 36 properties – representing 65% of the properties on offer, achieving over £4,300,000 in sales for our vendors.
We still have a few properties available, so if you’d like to learn more or enquire about one of our remaining lots, simply view our auction page by following the link below.
December was another busy month for the team, with several properties coming to auction where the vendors had previously struggled to complete a successful sale. As usual, by implementing our trusted auction process and assessing the sale of each property individually, we were able to deliver some truly exceptional results.
Despite its highly desirable location in Heaviley, Stockport, this well-maintained two-bedroom, mid-terrace home had remained on the open market for five months. Although the property was being sold with vacant possession and good internal furnishings, some buyers felt that the home required too much work to renovate, which had caused sales to fall through.
Dundonald Street was originally pitched toward first-time buyers (FTB), who often lacked the funds to make changes to the home. When the property was brought to auction we quickly reevaluated this approach to help secure a quick sale.
We could see that Dundonald Street had great potential as a buy-to-let (BTL) investment, especially for BTL landlords looking for refurbishment opportunities specifically. This type of buyer is an excellent fit for the auction market, as they have the capital to complete a sale quickly, which suited the vendor’s need to sell the property quickly to facilitate an onward purchase.
By leveraging our database of over 40,000 investors, we generated significant interest in the property. Within two weeks we had arranged ten viewings and received three strong offers. The vendor accepted the highest offer before the auction, under auction terms, which included a 10% non-refundable deposit from the buyer, immediate exchange of contracts, and completion within 28 days.
However, as a final demonstration of how flexible selling at auction can be, we were able to further accommodate the vendor’s needs by extending the completion period to ten weeks, allowing them ample time to prepare for their own move.
This three-bedroom, mid-terraced home was located in a popular location between Warrington and Stockton and had served as a much-loved family home for several generations.
Despite being owned by the same family for over 60 years, the property had seen better days. The current owners had since moved too far away to be able to carry out work on the property themselves, so the decision was made to sell the home at auction as the most practical option.
The vendors had been given three valuations on the open market from several estate agents, ranging from £130,000 to £150,000. We felt sure that a property in such a popular location could easily achieve similar prices at auction.
We met with the vendor to discuss a marketing strategy for Fletcher Street over pie and chips in the property’s living room.
Our strategy was to generate interest in the home by setting a low guide price to encourage potential buyers to take a look. We weren’t disappointed because soon after the listing had gone live we had 40 viewing requests!
On the day of the auction, bidding was intense, but in the end, Fletcher Street sold for £157,000. This was £47,000 over its guide price and higher than its valuation on the open market.
This was an excellent result for our vendor and an example of how our trusted auction process can deliver impressive sale prices far above what you might expect.
Facing redundancy and residing overseas, the vendor of this property needed a fast and reliable sale of their former buy-to-let property.
With no prior experience with selling at auction, the vendor had reservations about the process and concerns about achieving a price below the recommended market value. However, they placed their trust in us and our proven track record of experience and the final results spoke for themselves.
We were sure that a property so ideally suited to buy-to-let clients would perform well and on auction day Market Street sold for an impressive £149,500 – £56,000 over the reserve price and an extraordinary £40,000 above its original market valuation.
Located on the first floor of the historic Salford Royal Apartments, this duplex apartment comprised an open-plan kitchen/living room, a double bedroom with fitted wardrobes, and a bathroom. It represented an ideal metropolitan first home or buy-to-let investment to the right buyer.
However, after spending over a year with another estate agent struggling to sell and secure a reliable buyer, the sellers decided to list with us – and the results speak for themselves. We arranged over 25 viewings and quickly secured a buyer. Not only did the property sell, but it achieved £16,000 over the guide price! Completion is set to occur within just 28 days, ensuring our sellers won’t risk losing their onward purchase and will have the proceeds in hand within the next month.
One of our local branches was invited to assess this property with a view to putting it on the open market, however, its previous tenants had left the property in a deplorable state. Upon inspecting the property, our valuer suggested that selling at auction might be the most effective way of selling the home quickly and at a good price.
Given the house’s condition, it was agreed that it should be listed at a low reserve price of £115,000 to guarantee a sale. We were sure that the property would sell for considerably more than its guide price, however, the key to driving a higher final sale price would be to generate significant interest in the sale.
Our low guide price and strategic marketing strategy quickly attracted potential buyers and on the day of the sale, Woodland Road sold for a whopping £151,000 – £36,000 over its guide price.
If you are looking to sell your property at auction, speak to our auction experts today. Edward Mellor is a leading national property auction house and the only local organisation that combines auction, estate agency, and financial services under one roof.
Our first online property auction for 2025 is set to take place on the 22nd – 23rd of January, so register today to bid and access legal packs for the properties on offer.
You can also find out when our upcoming property auctions will be taking place throughout the year by visiting our auction calendar.
If you would like to find out more about selling at auction or how to register to bid, please do not hesitate to contact the auction team on 0161 464 7903 or email [email protected].
Quick Auction Links
