Auction roundup – tree-mendous results ahead of Christmas Day

This week’s auction roundup is filled with Christmas joy, from Sutton Kersh achieving over £80 million in auction sales, to iamsold ending the year on a high with further hires.

We also get a video treat from Strettons, who launched its first-ever Carpool Catalogue ahead of its last sale of the year.

Sutton Kersh reports over £80 million worth of property sold in 2021

The year has been nothing short of remarkable for Sutton Kersh, which sold over £80 million worth of property over seven auctions.

The Liverpool-based auction house held its final auction of the year on December 9 with over 100 lots listed. It sold 35 lots prior to auction and a total of £8 million worth of property by the end of the live-streamed event.

The auction featured over 30 residential investment lots, over 40 vacant residential lots and a variety of commercial land and development opportunities.

Lot 26, a two-bed mid-terraced property in Garston in need of modernisation and refurbishment, sold for £118,00 which was £33,000 over guide price.

Another popular property was lot 76 in L20, a detached two-storey freehold building (a former public house) with a plot of vacant land. This had a guide a price of £110,000 and sold for £181,000, which is £70,000 over the guide.

One lucky bidder got themselves a great buy with a recently refurbished first floor two-bed flat, again in the L20 area, which they won with their bid of £32,000.

A lot that gained particular interest from bidders throughout the country was lot 53 in Wallasey, a six-bed HMO investment opportunity that is fully let and currently producing over £30,000 per annum. It was listed with a guide price of £200,000 and sold for £256,500.

Cathy Holt, associate director of Sutton Kersh Auctions comments: “It has been a year like no other for us with these record-high property sales at each of our auctions throughout the year. There has been, and to be honest still is, very high demand for investment and residential properties.”

“To sell over 700 properties through seven auctions is a fantastic testament to our team. We have already started to take instructions for our February 2022 auction, which is a positive sign for us and the industry too.”

Sutton Kersh Auctions will be holding its first auction of 2022 on February 17 and it will be a live-streamed event.

Auction House hails property sector for ‘resilience and ingenuity’

Property auctioneer Auction House has applauded the resilience and ingenuity demonstrated throughout the sector over the last 18 months.

Managing director Jeremy Prior says that since the beginning of the pandemic the industry has moved heaven and earth to continue to work for their vendor and buyer clients.

This has involved embracing cutting edge technology which has powered the entire industry forward by at least five to ten years and has changed the way auctioneers conduct their businesses forever.

He explains: “Before Covid, all property auctions were conducted in room and there was a commonly held belief that buyers would never acquire properties by bidding for them online and vendors would never be prepared to offer their properties for sale in such a way. How wrong we were!”

“Today, we see buying and selling properties via live stream and online auctions commonplace and Auction House, for example, are seeing vastly increased levels of engagement from buyers and sellers across the world.”

Prior continues: “As the pandemic begins to come under control and we all get used to living with Covid, some auctioneers are considering a return to the room. Irrespective of this, auctions will still be very different to 18 months ago, since the offering will be a hybrid of in-room and live stream – something which was never contemplated just 18 months ago.”

“Auction House has been in the vanguard of companies adapting to the new environment we all now live in, and by offering live stream and online auctions for the last 18 months have seen very impressive volumes of sales with £600 million of property forecasted to be sold over the last 12 months alone!”

As well as embracing new technology, companies across the sector have learnt to adapt to ever-changing circumstances. Auction House Bedfordshire were planning a hybrid in-room/live stream auction in Milton Keynes this month and within days of the event were informed the hotel was to be used as a vaccine centre and that their booking was cancelled. Within hours a new venue had been booked and their marketing department swung into action and ensured their clients had been informed.

The Auction House success story continued through November, meaning that the group has now offered 3,839 properties so far this year, successfully selling 3,180 of them – a success rate of 82.8%, and raising almost £535 million (£534,936,279) in the process.

Similarly, Auction House London sold the highest number of properties in a single auction on Wednesday December 8 – its last sale of 2021.

“Versatility and the ability to be adaptable are just as important as cutting-edge technology and this is something the Brits specialise in,” Prior adds.

“Auction House is one of many businesses across the country which has proved that it can rise to the challenge and can become inventive and entrepreneurial. We should be proud of what has been achieved and look forward to 2022 with confidence.”

Are family buyers the new breed of auction bidders?

Family-sized homes have exceeded all expectations at Network Auctions’ latest online sale on December 9.

The sale, which recorded an 84% success rate and raised £6.3 million, saw a huge spike in hammer prices paid for lots that would be suitable for family accommodation.

A four-room detached bungalow requiring modernisation in Bell Lane, Hatfield, Hertfordshire sold for £701,500, against a reserve of £450,000.

Meanwhile, a luxurious ready-to-move-into four-bedroom barn in Chippenham, Wiltshire sold for 62% higher than its reserve of £400,000 for £646,000.

Despite requiring full renovation, an end of terrace three-bedroom house in Watford, Hertfordshire sold for £285,000 against a reserve of £195,000.

Auctioneer Toby Limbrick says: “We’re seeing a new breed of buyers in the auction room. Increasingly, we are seeing mainstream buyers purchasing at auction. This method of sale offers families a variety of properties to suit their circumstances.”

“Unlike private treaty, it offers security of sale and a known move-in date which is key for people who need to plan ahead.”

Network Auctions’ next online auction sale is February 10 2022.

iamsold: new appointments and ending 2021 on an auction high

Auctioneer iamsold raised over £84.3 million through its lots sold at auction in November, surpassing all previous records.

Its latest figures represent an increase of almost 25% on the previous month and almost 60% on the previous year.

Jamie Cooke, co-founder at iamproperty, states: “The market conditions have meant that this year has been full of highs, including the SDLT holiday, the appetite for auction from agents, buyers and sellers and the increasing popularity of online methods.”

“We’ve seen consistently high figures across the year, and we’ve continued to add more Partner Agents to our network, including our recent partnership across all four branches of Arun Estates. This has meant more and more consumers are being introduced to different methods of sale to match their circumstances, including the Modern Method of Auction.”

He adds: “As it’s close to Christmas, many people see November and December as a deadline, either to move home or to access income from their property sales. With 56-day turnarounds*, MMoA can provide real benefit in terms of speed and security, whilst Private Treaty completion timescales remain higher than ever.”

The figures follow a year of good news for the auctioneer, which included an industry-first integration with Rightmove in April 2021, topping the Essential Information Group’s (EIG) annual auctioneer league table and an award win at the prestigious ESTAS for ‘Supplier of the Year – Auction’.

“We’re incredibly pleased with our achievements this year but none of that would be possible without the support of our Partner Agents and their trust in our proposition. We’ve shared this success with them and we’re gearing up to finish this year on a high with a great start to 2022 in front of us.”

The firm has also further strengthened its legal team with the appointment of Kellie Quigley as head of Legal Practice, heading up the team at the Group’s dedicated auction conveyancing service, Medway Law.

Part of the iamproperty group, Medway Law was launched in 2013 as a specialist service to support buyers and sellers using Modern Method of Auction (MMoA) and to provide a comprehensive and quick legal service to fulfil the 56-day timescale for completions.

Quigley, who has held positions at Specters and Russell & Russell Solicitors, comments: “I’m delighted to be joining iamproperty at such an exciting time and supporting with the continued growth of such a well-established team.”

“The conveyancing sector has had its fair share of challenges over the last year, with delays and keeping up with demand and so offering a best-in-class service for those who choose the MMoA is something I’m really excited to be part of.”

She continues: “Additionally, I will be providing guidance on corporate governance and risk management across the whole Group, as well as helping to change the perception of conveyancing through an auction lens.”

Commenting on the appointment, Cooke says: “As we move into 2022, it’s more important than ever to have to the right team in place as we continue to grow. In the past year, we’ve seen the negative impact that antiquated processes can have on conveyancing in the Private Treaty sector.”

“We’re dedicated to continuing to innovate and improve practices. Kellie’s role will be critical to that goal, and we’re delighted to have her on board.”

Clive Emson’s December auction scales new heights

A vertiginous lift shaft built into the undercliff of a Kent seaside town has sold in auction for £31,000 in a bidding war.

The imposing disused structure at Ramsgate, which made national headlines because of its quirky appearance, was among 127 lots being sold by Clive Emson across England on December 15.

With spectacular views over the English Channel, the Grade II-listed Art Deco property was guided at £20,000 before elevating to £31,000 with 12 bids (lot 12).

Nearby, a former café and public toilets, with redevelopment permission for similar facilities along with eight seaview flats and a rooftop bar/restaurant over five storeys, fetched £600,000 in a bidding war, £100,000 above estimate (lot 15). 

Managing director James Emson says: “With the cost of living reaching a 10-year high in the UK, property continues to attract buyers as a hedge against the corrosive effects of inflation, with capital growth and rental income. Their investment attitude is long term, and our auction results are indicative of this.”

A former adult college in Sittingbourne, Kent, dating back to 1878 as a grammar school, with planning permission for conversion into 18 large apartments and four new-build bungalows, sold for £1,650,000 (lot 109).

Two parcels of land in Fulwood, Preston, Lancashire, which may hold future potential for residential or commercial development, went for £575,000, which was £475,000 above estimate, in a fierce bidding war. A total of 83 bids were made (lot 91).

On a plot with uninterrupted views across the Thames Estuary towards Southend and North Sea, a five-bedroom detached house in Sheerness, Kent, with workshops, stables and paddock, fetched £395,000 (lot 43).

Keeping with the water theme, a boatyard and some 120 acres of mudflats, near Rochester and with views across the Medway Estuary in Kent, were bought for £375,000. The current rental is £8,150 per annum (lot 79).

Chalked for modernisation, a 1930s-style mid-terrace house, with three bedrooms in Sutton, Surrey, sold for £428,000 (lot 41).

Fifty-two car parking spaces and 10 lock-up garages in Farnborough, Hampshire, went for £325,000 against a guide of £250,000-plus (lot 61).

A pair of semi-detached bungalows overlooking St Margaret’s Bay, Dover, Kent, and which formerly served as a tea room for tourists, sold for £700,000 (lot 4).

Clive Emson raised £21 million in its latest sale, which took the team to a total of £170 million from eight auctions in 2021. The sales percentage success rate for December was 80% and, over 80% for the year. 

Clive Emson’s first auction of eight in 2022 ends on Wednesday, 9 February. Lot entries close on Monday, 17 January, with the catalogue online from Friday, 21 January.

Strettons launches Carpool Catalogue ahead of December sale

Very rarely do catalogues do more than provide a listing of lots to be sold at auction.

But Strettons thought up a rather creative way of highlighting properties that featured in yesterday’s sale with the launch of a Carpool Catalogue.

The video – which went live on December 10 – featured Strettons’ managing director Simon Tilsiter and director of auctions Andrew Brown, who discussed a selection of lots to be offered on the day.

You can view Strettons’ first-ever Carpool Catalogue episode below.