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  • Auction Tribe

    Post-Brexit auction results

    Allsop is reporting a strong start to the year after its first residential property auction of 2017 raised £64m.

    The 281-lot catalogue had a success rate of 80% with the average lot selling for £330,000.

    The auction, at the Cumberland Hotel, saw one of the largest lots to be offered by the residential auction team – Stoner House in Crawley, West Sussex, a 43,700 sq ft office building in the town centre with permitted development rights  for 111 self-contained flats. This lot was sold prior to auction for substantially more than its guide price of £7m.

    Source article

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    Auctionerer, Pugh, has announced that it has broken records with its latest property auction held in Leeds and Manchester in February, which generated the firm’s largest sales total in more than ten years.

    Managing director Paul Thompson said: “The February auction continued the really positive momentum we have seen over the last two years, with a strong appetite from buyers to invest in property. We achieved our best results in over a decade and the bidding was intense, fuelled by the diversity and quality of the properties and land on offer.”

    Source article 

    See also - More tenanted properties appearing at auction

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    Wonder if those doing the selling are S24 LL and those doing the buying buying are the new small corporate LL!?

    Aswell as those caught out by PRA regs and can't mortgage for what they need.

    As S24 hits I predict the auctions will be very busy places over the coming years.

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    Properties offering guaranteed yields proved particularly popular with investors at Cheffins’ first auction of 2017 in Cambridge.

    Almost £4.2m worth of property was sold at the firm's most recent sale, which saw more than 200 buyers in attendance.

    The maximum prices paid were for commercial properties with solid investment incomes throughout the Eastern region.

    Full/source article

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    Outsourced auction management provider, IAM Sold, saw approximately £32.31m capital value raised across 277 auction sales throughout the UK in March, an increase on February’s 254 auction sales with a capital value of £26.6m.

    Of the total sales in March, 64% were via online auctions, and 36% were in the auction room. The majority of buyers were owner/occupier with 52% purchasing for occupation, while 36% purchased for buy-to-let, and 12% to renovate and re-sell.  
     
    Of the 277 auction sales, 40% were sold over reserve price. The highest was Wordsworth Avenue, a six-bedroom property in Cardiff, which sold for £342,500 - £117,500 over its starting price thanks to a highly competitive online auction which attracted a huge 98 bids for the property.

    Full/source story

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    Against a backdrop of weak post-summer auction results elsewhere in the UK, Allsop raised £71.3m and topped its residential September sales records that had remained unchallenged since 2008.

    The largest lot of the catalogue to sell under the hammer was Lot 50, Albion House, Church Lane, Kingsbury, London. The multi let B1 office building of 9,633 sq. ft. was offered with permitted development rights (PDR) for conversion to 17 flats. Initially guided at £2.5m, remote and in room interest led to firm and competitive bidding, taking the hammer price to £3.2m.

    Full/source article

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