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  • Auction Tribe

    Unsold auction properties

    Hi All

    I'm used to sourcing unsold London and Home counties properties but now there's a strong sales market outside and prices are rising I'm looking at sourcing properties for clients further away like birmingham, manchester, liverpool, west country, east country, yorkshire etc.

    I basically go through all unsold auction lots to work out which have a good margin, which don't, which have legal or other issues then those that are good properties with good margins I let clients know about.

    If I can get a fairly good response from PT - people that would be interested in this same service outside of London and home counties then I might start adding that service to my business and maybe let people know about them on the sponsored services part of this site

    example just seen a flat - v.good condition, great location in Derbyshire 1200sqft ex new build 135k - zoopla and comps suggest its worth 180-200k (circa 30% BMV ish) and no real work required circa 800-950pm rent

    regards Andrew.
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    regards Andrew Peers - property investor / sourcer - 07912674181

    andrewpeers@hotmail.co.uk

    Please stay away from Birmingham, unsold auction lots are a fertile hunting ground for us, love em.
    :-)

    Phil
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    Phil Stewardson.

    Stewardson Properties.

    Stewardson Developments Ltd.

    Burson Land Ltd. & Jennings & Gilchreaste Ltd.

    http://www.stewardson.co.uk

    Follow me on twitter - @philstewardson

    Hi Andy.
    I've just registered here on PT.
    Thats a service I'd be very interested in. I am the Business Development Manager for a cash buyng company, we currently buy to sell circa 20 to 25 per month all over England and Wales, we also buy to let. Can provide proof of funds etc.
    Just getting to grips with PT and the layout....could you either give me a call Monday on 07957 257691 or drop me an email with your contact details to paul @ hbbsolutions. co .uk and I'll call you.
    For some reason I cant pm you, but its probably user error Smile
    Look forward to talking to you.

    Regards
    Paul
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    Doncaster Lincoln happy to talk Andy good service for busy landlords
    Cheers
    Kim Stones 07979690484/ office 01302 562788
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    The Autumn house auction has begun for buyers who are prepared to do some DIY. There are many opportunities for a first time owner or buy to let investor to get their hands on some cheap property. Always make sure you inspect the property with a surveyor and builder to make sure its functional followed a ready deposit. The first property this month includes a two-storey terrace house with a garden in Hither Green, with a guide price of £250,000.
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    Hi All,

    I would be interested in seeing some options for any unsold auction properties, if this idea progressed.

    Thanks,

    George

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    Yes....i'm always interested in anything that stacks up as a good deal


    Paul

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    Quite apt that this thread should pop up again, we picked up a great little buy last week, a shop in North West that didnt sell in last months auction.Checked the day after the auction, it hadnt sold so made an offer of £55k, they said it had a reserve of £75k, i explained thats why it didnt sell so we haggled a little and picked it up for £60k, it completed last week. With a  new shopfront and a bit of titivation and then if we dont convert it into a 20% return i will consider any suggestions for a PT forfeit :-)

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    Phil Stewardson.

    Stewardson Properties.

    Stewardson Developments Ltd.

    Burson Land Ltd. & Jennings & Gilchreaste Ltd.

    http://www.stewardson.co.uk

    Follow me on twitter - @philstewardson

    Nice one Phil - the art with all shops is getting them rented asap with minimal cost. Normally a very good margin but a little stressful until let with a reasonable tenancy. feel free to keep us posted.

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    regards Andrew Peers - property investor / sourcer - 07912674181

    andrewpeers@hotmail.co.uk

    Just a quick update to say sorry i've not been active on this thread, i will be more so in the future. (have been project managing / jv'ing quite a bit this last year). others can comment on their thoughts and opinions too - it is a forum.

    recent trends i've spotted (at auction, which often then filters out to retail after a few mths) :

    1) london high end flats - falling in value significantly (circa 15-20% from highest point - early-mid 2016)

    2) London middle end flats (zones 2-4) falling quite a bit in value (falling in value 5-10% year on year)

    3) london outskirts (high valued property stationary movement accross the year, maybe small increase last yr / start of this then this last 6mths correction back down)

    4) London low valued flats/houses - always a strong demand for these and FTB market still strong so these have prob risen 5% accross 1yr, No growth maybe small correction last 6mths mind.

    5) home counties - close to london borders and high valued areas/properties - 5% increase in value 6-12mth ago then zero growth or 5% drop in value these last 6mths.

    6) Home counties - close to london borders lower valued properties - 5-10% increase in value 6-12mths ago and zero growth last 6mths

    7) Home counties not close to london - high valued properties 5-10% growth 6-12mths ago and zero growth last 6mths

    8) Home counties not close to london - lower valued properties - 5-10% growth 6-12mths ago and 0-5% growth last 6mths.

    Other markets are a little bit harder to read but in general i'd say lower valued properties have had a price surge nationally and where i'd seen low valued properties stick on the market not selling, they're now selling. With that comes substantial growth. Some areas as much as 20-30% growth for low valued flats in a year - fringes of cities, smaller town near big cities etc.

    I've mostly been buying / advising to buy in london and home counties for last 8yrs or so (especially for BTS investors) due to such a strong resale market and a lack of properties on the market meaning under supply and over demand pushing prices up. I'm now thinking its time to change strategy and the fact london prices/home counties have almost doubled since 2008 means this ripple still has some way to go in other parts of the country before any correction like that in london might occur.

    Just my opinion now but i reckon - It's not a huge news storey yet as the rest of the country is making up for large price drops in London so national data is ok, but it is probably only a matter of time maybe 1-2yrs before the falling prices reach home counties / other big cities and maybe 2-3yrs before average accross the whole country is falling.

    those who's strategy is capital growth in london or BTS strategy in London might struggle a fraction if buying in the next few yrs - as always depends how good the purchase is.


    three recent unsolds of note :

    1) SW london 2bed ex la flat,  59yr lease, circa 175k needs refurb then worth circa 325-350k. lease extension circa 30-40k says the tables.

    2) lake district borders - 1300sqft 3bed det bungalow circa 120k and circa 200-250k after 25-35k refurb dep on spec.

    3) 3bed det near swansea circa 110k, 1200sqft, 25-35k refurb worth circa 220-250k.

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    regards Andrew Peers - property investor / sourcer - 07912674181

    andrewpeers@hotmail.co.uk