There may be a high level of uncertainty in the UK economy at the moment, but this is doing little to dampen demand from property investors, according to a leading property auctioneer.
One of Britain’s largest property auctioneers Clive Emson sold land and property worth more than £16.5m at its latest five-day sale this month, thanks to high demand from property investors.
“Demand remains strong, particularly among investors, and the market buoyant due in part to record low interest rates,” said managing director James Emson.
Highlights from Clive Emson’s September sale included more than £1.25m worth of residential properties in the Isle of Wight, including houses, flats, cottages and two HMOs, which were snapped up by buy-to-let investors, along with stand-alone garages in Maidstone and Mitcham, Surrey, which sold for £18,500 and £15,000 respectively, and the Beacon Court Tavern in Gillingham, Kent, a former music venue which was acquired for £370,000.
Also, fire-devastated terraced house in Rye, Sussex, went for £122,000 and in Brighton, a four-storey commercial property in need of complete renovation at the heart of the city's vibrant Lanes area went for £352,000. Both properties offer plenty of room to add value.
As the housing market heads into the busy autumn period, Clive Emson, which catalogued a total of 138 lots in September and achieved a sale rate of 75%, expects to see demand from property investors remain strong, which is partly why the company is now offering clients even more ways to buy and sell property.
The company launched a new online property auction service last week to complement its live auctions held every six weeks at five venues from Essex to Cornwall.
Lots from the property listings are sold upon the 'fall' of the electronic gavel, with bids placed via smartphones, other handheld electronic devices and desktop/laptop computers.
“We go into the busy autumn period in good heart with our new online auction service complementing our traditional sales,” Emson added.
Clive Emson’s next auction begins on Monday 31st October in Maidstone, followed on consecutive days in Chelmsford, Brighton, Saltash and Southampton.