Ask an auctioneer what is one of the most frustrating things about the job and they usually say unsold lots.
Unsold lots - the bane of an auctioneer’s life – even more so in the current climate when there’s no after sale buzz to prompt bidders to buy post-auction.
Toby Limbrick, director at Network Auctions, shares his thoughts: "After the ballroom sale we would still be tying up deals from lots that didn’t meet their reserve.
"But of course, when we’re doing things online, people don’t have the same euphoria you find in the auction room. We know many people make purchases not just based on market value, but adrenaline.
"We tried to figure out what we could do to deliver to our clients to ensure they made a successful sale and came up with the Single Lot Online Sale. The sale operates the same as our online auctions, the difference being it’s the only lot being sold!
"Today we sold a four-bedroom house, above the reserve, in Deptford, London for £545,000. The remarkable thing about this sale is it’s been in the last two auction sales but didn’t sell – perhaps because people were focussing on investment lots, rather than looking at end-user stock, which this would fall into that category.
"We firmly believe Single Lot Sales will become an increasingly common way of selling properties because it spotlights a single property, but also increases interest due to the shorter time frame. Everyone involved in this deal is here to do a deal – we have a party who wants to sell and a party who wants to buy, there’s no room for anybody else in-between!"