Anyone attending our last auction (161 lots catalogued) at any of the five venues would have seen packed rooms (some might have said there’s more room in a sardine can!), £18.5 million achieved, an average of 81% success and many many prospective buyers leaving empty handed having been outbid!
Those buy to let investors seemed undeterred in their desire to acquire their first or indeed to add more suitable properties to existing portfolios, despite changes to BTL mortgage interest relief changes and additional stamp duty fees, but sellers need to be realistic about guides and reserves in order to make them attractive to this sector of the market. We saw many ‘lovely looking’ properties or those in super locations attract the owner occupier, who may have been in rented accommodation waiting for their ideal lot to come to the market. There were and often are several lots which come to the market for the first time in many years are often keenly sought after as who knows when the next opportunity could arise?
It was nice to see some of the lots of land with planning sell for respectable prices with builders looking to stock up, perhaps getting ready for 2017 and the spring markets. Grazing land, as always attracted good interest and there were several lots which offered potential for the future which are seen by many as a calculated punt.
Commercial lots, whether vacant or let also sold well. The catalogue offered, once again a good selection of garages and ground rents again to competitive bidding.
The more unusual lots this time included Lot 86 – a timber Former Church Hall at Ruckinge, Kent, offered with a guide of £55-60,000 and sold at £164,000. Lot 131 – property for auction in Devon – the eight railway carriages, previously a holiday letting enterprise, in Dawlish, which was guided at £125-175,000 sold in the room at £261,000.
We are often asked why do some lots make more than their guide? We remind everyone that the guide reflects the reserve (the minimum figure the seller is willing to accept on the day). On the above occasions there were several bidders interested in the Lots with the final hammer price being in excess of the top of the guide. The seller placed their trust in Clive Emson Auctioneers and our auction room knowing that the room will establish the best possible price. For more information about guide prices click here.
If you feel you have a property or piece of land which could benefit from the wide exposure selling through Clive Emson Auctioneers then we would be pleased to hear from you. Contact us here.
About the Author:
Sam Kinloch
Sam’s career in the dizzy world of property auctions began when he hung up his chainsaw and headed in from the forest. Joining the team in 2003 Sam now sits on the Board of Directors and has been instrumental in the adoption of online auction services. Out of the office you can find him flying around the velodrome or sipping coffee at a local café.