The beauty of buying at auction

The beauty of buying at auction

The beauty of auctions is their simplicity and transparency. Every bid is open to the room and, if you bid the highest amount above the reserve price the property is yours – plus the whole process can be over in a matter of minutes without any nailbiting waiting or fears of gazumping.

No wonder buying at auction remains a popular choice across the UK. The most recent figures published by the Essential Information Group (EIG) the country’s leading auction search engine, show residential sales for July totalled £336 million, up £10million on the same month the previous year.

Commercial lots offered at auction in the same month saw revenues increase by £26 million, up almost 16 per cent to £190 million. Little wonder 2,226 lots went under the hammer in just one month, as more and more buyers see them as the ‘go-to’ place to purchase property and land.

Sellers go to auction for a host of different reasons: for example, if they know there will be a lot of interest, when they have a unique property that is difficult to value, or perhaps with a fixer-upper needing restoration, and a quick flick through this month’s auction catalogue web pages reveals some amazing places.

One lot, for example, is the former Holyhead magistrates court in Anglesey, Wales; this three-storey 9,493 sq ft building, dating back to the 1800s has a guide price of £60,000, while a Wesleyan Methodist church (and former Sunday school) in Swadlincote, Derbyshire,  is being sold as a commercial property for a guide price of £160,000. The brick-built former chapel dates back to 1863 and has even retained a pulpit, wooden pews and its own pipe organ!

Buyers snapping up something similar to these unusual lots will need to pay 10 per cent up front and the rest, typically, within 28 days. At Together, we attend about 300 actions up and down the country every year, and can help buyers secure fast finance for their auction purchase, providing on-the-spot decisions or even agreeing funding in advance to give bidders  peace of mind that they have the finance needed in place before the gavel goes down and can bid in confidence up to an agreed amount.

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Latest Comments

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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