{"id":6703,"date":"2017-11-21T10:16:34","date_gmt":"2017-11-21T10:16:34","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=6703"},"modified":"2017-11-21T10:16:34","modified_gmt":"2017-11-21T10:16:34","slug":"homes-under-hammer-auction-house-record-sales-month","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/2017\/11\/21\/homes-under-hammer-auction-house-record-sales-month\/","title":{"rendered":"Homes under the hammer: will we see more properties go to auction?"},"content":{"rendered":"
The UK’s largest residential property auction company, Auction House, saw more sales in October than during any month in the past 10 years, with 486 properties sold.<\/strong><\/p>\n A total of 626 lots were offered for auction, meaning the firm saw a 74.8% success rate and raised \u00a356.7m. They expect more than 800 lots to go under the hammer in November and December.<\/p>\n Founding director Roger Lake described the results as “exceptional”, adding: “We saw entries boosted by more investment landlords slimming their portfolios to reduce borrowings<\/a>. Also, more private sellers are using our auction rooms to achieve a speedy sale, rather than get stuck in slow moving chains and suffer cancelled transactions.<\/p>\n “Our latest results mark an impressive achievement in a market place where there is a shortage of stock and some reticence amongst investors…There is some regional variation showing through – with our northern<\/a> rooms particularly busy, and those in the southern half of the country more challenged.”<\/p>\n With some top-level properties struggling to sell, partly due to the high taxes involved<\/a>, more sellers are looking to auctions as a way of getting their property off the market.<\/p>\n One luxury estate agent, Fine and Country, has decided to start offering sellers the option of putting their homes up at auction across the UK from next year.<\/p>\n The estate agent saw success with its first auction property before the full roll-out, which sold last week for \u00a31.56m – it had 21 viewings, 34 bids, and went for 80% higher than its starting price.<\/p>\n David Lindley,\u00a0chief executive of Fine & Country, said: “The modern method of auction<\/a> is no longer reserved for homes at the bottom end of the market.”<\/p>\n He added: “Some of our sellers need to move quickly, so Fine & Country Auctions is a great option for them. For others, selling at auction can achieve a price higher than they expected. It is certainly a great option to give to our clients.”<\/p>\nHigh-end lots<\/h4>\n
Opportunities for entrepreneurs<\/h4>\n