Resounding Success at Auction Raising £2.6 million in Property Sales

Resounding Success at Auction Raising £2.6 million in Property Sales

Last week’s online property auction was a huge success with 82% of properties that went under the hammer selling, raising £2,653,000. This is the highest amount raised through the local auctioneer's property auctions since they began in 2008 and is testament to the current buoyant property market.  Despite 2020 being overshadowed by Brexit and Covid-19 our average success rate for the year stands way above the national average at 85%, raising just over £6m for our clients.

18 of the 22 lots sold in the eBay style online bidding system that was introduced in May following lockdown measures. To date, the last three auctions, May, July and this month have been conducted live online and have proved an effective way to continue with the auctions, which previously took place at Beverley Racecourse.

Online bidding begins 2-days before the closing date and last week saw a hive of activity with strong interest and competitive bidding throughout the two days
and particularly in the closing seconds. 

Simon Dee MRICS, business development partner at Auction House, Hull & East Yorkshire, explained: “Wednesday’s auction was hugely popular and saw some very competitive online bidding from keen buyers. We had a strong set of lots which all received good interest from prospective buyers during the marketing period, via 360 virtual tours and personal inspections, so we expected it to be a busy evening and it was!”

There were several notable lots from across the region, including high-value properties, which sold well above the guide price. This included lot 19 which was a piece of development land in the village of Preston, on the outskirts of Hull, which was guided at £275-£300k and after 20 minutes of fierce online bidding sold for £515k.

The main difference between this auction and eBay is that if someone bids in the last 60 seconds before the auction closes, the end time is extended by a further 60 seconds. This prevents auction sniping software and gives genuine buyers a chance to bid again. If they do then it is extended by a further 60 seconds and so on. At the fall of the virtual gavel, it is still a binding contract to purchase.

The local estate agents and auctioneers are part of a multi-award winning national network of property auctioneers, Auction House, which sees regional agents selling properties on their doorsteps while using the strong brand for national coverage.

Simon added: “The auctions market is buoyant; selling prices have risen and buyers are plentiful. This is undoubtedly in part down to the current Stamp Duty holiday announced by the Chancellor back in July, which is due to remain in place until the end of March.

“So while the effects of Covid-19 are still with us, the auctions market continues to offer a huge number of opportunities and we have seen a buoyant property market post-lockdown. Buyers are attracted by the choice and diversity of properties being offered and the keen guide prices always associated with auctions. Buyer confidence is clearly strong, boosted by pent up demand, the current shortage of rental accommodation plus the knowledge that property is traditionally the best hedge against inflation.”