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WHO ARE AUCTION HOUSE?
Auction House UK is a network of property auctioneers who cover the whole of the country. We operate over 40 auctions rooms nationwide, holding in excess of 200 auctions and selling over 3,300 properties every year. This makes Auction House the largest auctioneer of residential property in the UK.
Dee Atkinson & Harrison have owned and operated the license for the Hull & East Yorkshire region of Auction House UK since 2008. We are a long-established professional firm with a wealth of Auction experience that covers not only residential and commercial property but agriculture, plant and machinery. We hold six property auctions a year achieving excellent success rates which are well above the national average. We credit this success to our professional advice and the exceptional customer service we provide.
Auction House Hull & East Yorkshire draw in entries from a wide geographic area which, although our name suggests coverage of just East Yorkshire, our region does extend to just North of Scarborough, out to Pickering, round the Eastern outskirts of York and down to Goole.
We sell a wide variety of property types many of which are vacant for improvement, others tenanted or for redevelopment.
There are many reasons for choosing to sell a property by auction instead of via the traditional private treaty method. As an expert auctioneer covering Hull and East Yorkshire, we are well qualified to give the top ten reasons sellers choose to go to auction. These are outlined below. You can also use the following links to find out more information.
Auction is one of the fastest ways to sell your residential, mixed-use, commercial property or land for the best cash price. The whole process from instruction to completion (cash in your bank) can take as little as six weeks and we have, in some instances, delivered a successful sale to clients with less than a week of marketing.
It might be tempting to use one of the many companies who advertise online to 'buy your house for cash' but the reality is that some of these companies buy them and then put them into an auction to make a quick profit! This is known as 'flipping' and we see many instances where the gain they make, is tens of thousands of pounds.
Unlike the 'Modern Auction Method' our auctions are unconditional which means that on the fall of the hammer or 'virtual hammer' for online auctions, the buyer has already entered into a legally binding contract. Completion of the sale is usually 20 working days but this can be adjusted to suit each vendor's needs. With our auctions 'SOLD' MEANS 'SOLD'.
Auction gives you a better chance of selling your property than by estate agent alone. In the past year, Auction House has sold an average 86% of all lots offered, which gives you a much greater chance of a sale.
Once the hammer has fallen, you have exchanged contracts with your buyer and they are legally committed to the purchase. They pay a 10% deposit on the night of the auction.
On average, one-third of sales by private treaty through estate agents fall through after they have been agreed and average time for the conveyance after a sale is agreed is 3 months, so auctions are a far more secure and faster way to sell.
We have developed a targeted database of local, regional and national buyers, so your property can be proactively sent out to these people. Your property will also be featured in online property portals such as Rightmove and onthemarket.com, our high quality digital catalogues which are emailed to prospective buyers and our vast database of contacts, as well as shared with thousands of interested people via our website and on social media. We also subscribe to www.eigpropertyauctions.co.uk which is the UK's largest website for auction property and has 1,000's of investor and cash buyer subscribers.
Although Covid-19 restrictions currently prevent open house viewings, to help develop the potential for competitive bidding, we organise 'Open House' viewing days with short time slots which allow any prospective buyers to come and look around the property, safely guided by a member of the auctions team who is on hand to answer any questions they may have, as well as being able to assess their interest. By doing this, the team can help to guide you in setting the right reserve price. As a safe alternative, we currently provide 360 tours or viewing videos to enable buyers to view a property safely and in detail before travelling to view.
The aim of an auction is to generate interest from two or more prospective buyers, which will lead them to bid against each other and will help your property to achieve the best price on the day. Although we traditional hold the auction itself in a room full of anctious potential buyers, Covid-19 restrictions mean we have introduced an online only bidding system. This bespoke system operates in a similar way to Ebay with bidding commencing a few days before the closing time. The main difference between the two is that with our auctions, if someone places a bid in the last 60 seconds before the hammer falls, the auction end time is extended by a further 60 seconds to give other interested parties time to think and bid again. This process continues until there are no more bids in the last 60 seconds.
Properties for sale at auction will often achieve a final sale price in excess of the original guide price set, and regularly the result is in the region of what might have been acceptable for sale through an estate agent (Private Treaty sale). What you can guarantee is that it has achieved the best price on the day. This is a key point for properties coming to auction via probate, as the executors of the estate have a duty to achieve the best price possible. If you are looking to sell your home or property quickly, then auction is probably the best option for you. From the time you instruct the auctions team to list your property, you will know the date that is will be up for auction, and legal completion is usually set for 20 working days afterwards. This is a fixed timescale and is legally binding for both parties. This means auction is the best option for anyone with time constraints, such as those relocating, under financial pressure, or wanting to dispose of an investment property.
If you are looking to sell an investment property, there is no need to sell with vacant possession, as we have a large number of buy to let investors looking to buy. By retaining your tenant, you will continue to receive rent until the completion date, and the purchaser will receive income from that date onwards. Auction House sells a variety of occupied properties with tenancy agreements in place, including assured shorthold tenancy (ASTs), regulated tenancy, assured tenancy and commercial lettings.
We invite you to watch a short video that gives you a better insight of the Traditional Auction process.
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