Property Investor Today issues another auction roundup, featuring a new live bidding auction by Connect UK Auctions, a wave of determination from buyers at Auction House London, and literal fierce bidding at Network Auctions’ latest sale.
New ‘QVC style’ auction launched by Connect UK Auctions
Connect UK Auctions hosted its first live property auction on February 14 at the Holiday Inn Gatwick via its Connect Realtime© platform.
In a bid to ‘break down the fear barriers’ and invite users to interact through live streaming, the Connect Realtime© auction is presented to potential bidders who have logged on each month, along with Connect UK’s monthly traditional auctions held throughout the year.
“Your property will be marketed to thousands of potential buyers across the UK and worldwide, resulting in the highest price in the room,” explains Robert Jenkins, director of Connect UK Auctions. “We have the presence and expertise, and can offer resources no other property auctioneer can.”
The auctioneer accepts bids in the room, over the phone and, thanks to the Connect Realtime© platform, bidders who have pre-registered can also watch and place bids online during the auction.
The auctions take place between 1-2pm to allow people on their lunch hour to place bids.
Adam Partridge, BBC and Channel 4 auction expert and fellow auctioneer at Connect UK, comments: “I am extremely excited to move forward with the times as Connect UK introduce the Connect Realtime© platform. The concept is great and the live streamed auction was really exciting. I believe this is really the start of something wonderful.”
Its first live auction of the year saw 3,470 viewers tuning in to watch the auction and achieving a success rate of over 70%.
Jenkins concludes: “Our clients are delighted with the prices achieved and we believe this was significantly aided with the introduction of Connect Realtime©, allowing a far wider congregation of external bidders on the day.”
For more information on Connect UK Auctions’ new ‘live bidding’ platform, click here.
High bids at Auction House London prove buyer confidence is returning
Auction House London’s first sale of 2020 saw a packed auction room where bids on a number of lots kept rising above all expectations, with 89% of all lots sold.
A highlight of the sale – which took place on 12 February – was a severely fire damaged three-bedroom semi in Tooting, which started with a guide price of £375,000 and sold for £647,000.
The property in south west London had the advantage of being close to Tooting Bec underground station and within easy reach of the open green spaces of Tooting Bec Common and Tooting Bec Lido. Andrew Binstock, director and auctioneer at Auction House London, described the sale of this lot as a runaway success.
He adds: “We are sensing a rising energy in the housing market from buyers and it appears to be more than just a ‘Boris Bounce’. The figures speak for themselves – it was our busiest auction room in years, where we sold 89% of all lots listed – the highest percentage in the past year.”
One of those was the former home of Tottenham Hotspur’s first captain and one of the club’s founders, Bobby Buckle, which created a lot of interest. The Grade II listed double-fronted house in White Hart Lane, Tottenham, currently arranged as two flats, needs modernisation and is overlooked by the club’s new stadium. It sold at £580,000 against a guide of £450,000.
There seemed to be renewed optimism from buyers, with many lots selling above their guide price, including a ground floor four-bedroom flat in Brixton which needed updating. It started with a guide price of £250,000 and sold for £390,000.
Entries are now being taken for the next sale for Auction House London on Wednesday March 25. It will be held at the London Marriott Regents Park, 128 King Henry’s Road, NW3 3ST at 12pm.
Ever wondered what being an auctioneer involves? Property Investor Today recently caught up with Andrew Binstock to get the lowdown on his profession, what a typical day at auction is like, and the future of Auction House London. Click here to find out more.
“If you’re not bidding, please can you leave the room!”
It’s not a phrase that an auctioneer would ever usually dream of saying, but Guy Charrison, auctioneer and chairman of NAVA, was compelled to make the request as bidders shoved and shouted to try and get into the saleroom at The Westbury Mayfair Hotel to bid.
Network Auctions’ first ballroom sale of the year on February 20 opened with the company’s biggest ever catalogue – and biggest ever turnout – proving there’s more to the ‘Boris Bounce’ than originally thought.
Keen bidders packed the room to compete fiercely on the 68-lot catalogue, pushing the total raised to £8.9 million and the sales success rate to 78%.
Along with room bids, Charrison also had to contend with multiple bids that came flooding in from online, on the telephone and via proxy.
Highlights of the sale included a three-bedroom house in Gosport selling for £210,500 off a guide of £115,000, a four-bedroom house in High Wycombe selling for £402,000 against a guide of £251,000, and a detached building in Harrow that was sold by order of a Housing Association which achieved £1 million under the hammer on a guide of £750,000.
However, the most relentless of bidders fought for a plot of freehold land including highway, paths and verges in Harpenden, Hertfordshire, selling for £157,000 – a staggering 3,000% increase on the guide of £5,000.
The action wasn’t just confined to the auction room, though. Post-auction saw three different buyers vying for the same plot of unsold land, leading to a heated exchange in the contracts office.
Toby Limbrick, director at Network Auctions, comments: “We’ve had a strong start to the 2020 auction calendar and we’re delighted with our results. This shows how keen bidders are to get back in the room and buy property.”
Network Auctions’ next ballroom sale will take place on April 2 at the Westbury Mayfair Hotel.