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Auction roundup – a bumper September to wrap up the summer

Last week, PIT spoke to some of the UK’s biggest and most successful auctioneers to find out if they planned to return to in-room auctions, with many stating they preferred the online model. Now, we return to regularly scheduled programming to bring you the latest auction news in today’s roundup, and it's a big one…

Allsop’s September resi auction to include 21 lots at £1m-plus

Allsop’s September residential auction catalogue is set to offer 236 lots, with 21 lots guided at £1 million or above.

Buying opportunities include Grade II-listed buildings, owner-occupier ‘value-add’ homes, student accommodation, roof spaces, and freehold development sites.

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Richard Adamson, partner and residential auctioneer at Allsop, comments: “Our latest catalogue presents investors with an array of opportunities as they return to business after the summer holidays.”

“Not only does it include a high number of premium-quality lots in various locations across the country but also a healthy choice of more affordable prospects for private investors, owner-occupiers and developers.”

He adds: “We sense an atmosphere of continued confidence in our sector. As the impact of the pandemic recedes, people return to the workplace and the world settles into a new normality, fresh opportunities will emerge.”

“We have seen early interest in our catalogue from both domestic and international buyers, while the easing of restrictions and the acceptance of safety measures have helped to increase the number of in-person viewings.”

Highlights from the residential catalogue include:

  • Lot 35, Earls Court, London – a freehold mid-terrace building arranged as 14 flats, guided at £4m-£4.5 million (GIY 6.12%)

  • Lot 21, Ruislip, London – a freehold Grade II-listed building and four semi-detached buildings on a site of 1.25 acres, guided at £3.8 million-plus (GIY 4.85%)

  • Lot 28, Cheltenham – a freehold Grade II-listed building comprising 17 flats with an on-site car park, guided at £1.45 million-plus (GIY 6.52%)

  • Lot 74, Kingston-upon-Thames – two adjoining freehold buildings with planning permission for a mixed-use development and four parking spaces, guided at £2.1 million-plus

Adamson concludes: “Even though we are hoping for a safe return to multi-channel in-room sales in the future, there is no question that our online auctions continue to function with extreme efficiency.”

The auction will take place online on September 30. The catalogue can be found here.

Summer of speedy stamp duty savings at iamsold auction

iamsold has reported its best summer yet with a total of £196 million worth of property sold.

According to the auction service, savvy savers have been flocking to auction during the stamp duty holiday, which saw iamsold sell 24% more properties than the previous summer and 54% more than 2019.

Managing director Jamie Cooke explains: “The stamp duty holiday, alongside other shifting consumer behaviour, saw a whole-market boom, and auction was no different. The added pressure of completing before a certain time has meant that more people have been looking to reduce the time it takes to complete.”

For buyers looking to make the most of the government’s temporary tax holiday, the Modern Method of Auction (MMoA) has offered speed of completion, with iamsold’s fixed 56-day timescales offering much-needed security in a fast-moving market.

Cooke continues: “Whilst the stamp duty holiday may come to an end, the speed and security offered by MMoA will continue to be a key motivation for buyers and sellers. Alongside this, we’ve seen a shift in behaviour that pre-dates the stamp duty holiday.”

“We believe that; alongside speed, additional benefits such as a digital-first approach, built-in transparency with detailed Auction Packs as standard and a 95% completion rate will continue to sustain the success we’ve seen.”

Much of iamsold’s success this summer could be attributed to the bids on its residential property auctions – up 70% on last year and 164% on the year before.

It says it's seen more than 14,500 bids in the last three months alone and the average number of bids per property has more than doubled in two years going from five in 2019 to 12 bids per property in 2021.

In June, a five-bed detached stable house in Bardon Mill sent buyers into a frenzy fetching over 132 bids. July, meanwhile, saw an attractive four-bed double fronted period property in Droitwich attract 98 bids.

Cooke comments: “With a greater variety of properties available at auction, we’re appealing to more and more buyers than ever before. This, alongside the current market boom has driven competitive bidding behaviour, which is great news for vendors and agents. We’re on an upwards trajectory with auction awareness and we can only see this continuing.”

Buying at online auction is like ‘doing a grocery shop’, says auctioneer

Network Auctions’ latest online sale shows bidders appetite for property deals are here to stay.

The latest sale, held online on September 9, recorded a 92% success rate with £4.5 million raised.

Auctioneer Toby Limbrick comments: “Buying property via online auctions has become as easy as ordering your groceries on the net.”

“Our results speak for themselves. We sold a two-bedroom house in Aston, Birmingham, guided at £100,000 for £133,000. This had previously been on the open market with two failed sales at £132,000.”

Limbrick says ground rents are showing their resilience and popularity – despite the threat of looming government leasehold reform.

“We sold 10 of the 11 ground rents offered at today’s sale,” he adds. “Investors are looking for creative angles. One of the ground rents sold was in Sandbanks Road, a prime position and benefiting from views of the harbour. This had an annual income of £1710, but it also had development potential. It was an extremely popular lot and sold for £154,000 against a guide of £100,000.”

A highlight of the sale was a freehold mixed-use development opportunity in Stoke Poges, Buckinghamshire. The property comprised ground floor offices with a two-bedroom self-contained flat above, along with a driveway and garden. The guide price was £395,000, but the opening bid started at £425,000. The final hammer price was £526,000.

Limbrick concludes: “Investors are keen to maximise the potential from any development angle and this is translating to higher hammer prices, especially when the property is situated in a good location.”

Network Auctions’ next online sale takes place on October 21. For more information, visit www.networkauctions.co.uk.

New record set for highest selling lot at Sheffield auction

A new record for the highest individual lot price of £1.61 million was set at Mark Jenkinson and Son’s latest online auction.

Malmo Food Innovation and Technology Park in Hull – comprising 10 units totalling 27,300 sq ft and a resource centre, all fully let – was listed at £1,500,000 but sold for the record-setting £1,610,000.  

The freehold site of 1.69 acres was the top-selling lot in the sixth online event of the year for the auctioneers – which saw 31 of 36 lots selling for a total of £5.8 million. 

Several other lots also sold well above their estimate, including an extended three-bedroom semi-detached house in need of general modernisation but with outstanding views in the sought-after part of Sheffield, Stannington, with a guide price of £250,000 sold for £317,000.  

A stone-built three-bedroomed semi-detached cottage with vehicular access, car parking and two garages – also in need of general modernisation – in Bramley Rotherham, listed at £90,000-£100,000 and sold for £123,000.

And a single garage in the sought-after location of Nether Edge, Sheffield, which went under the hammer with a guide price of £5,000 sold for £23,500.  

Meanwhile, the former Firth Park Advice Centre in Sheffield – a substantial inner terrace with ground floor extension comprising office accommodation – with a guide price of £95,000 sold for £163,000.

Adrian Little, head of the auction department at Mark Jenkinson and Son, comments: “There is currently a very high demand for residential modernisation opportunities – with lots selling well above guide price across South and East Yorkshire and Nottinghamshire, too. “

“Equally, commercial property is performing strongly – as well as the record-setting industrial site in Hull, an inner terrace with accommodation including a shop in Sheffield sold for £272,000 after being listed at £175,000.” 

“And a landmark Grade II listed building in Ecclesfield village with two retail units plus six flats/studios, sold for £395,000 – £20,000 more than its guide price,” he adds.

Mark Jenkinson and Son’s next online auction will be held on Tuesday October 19.

Sutton Kersh sells over £11.5m worth of property at September sale

Sutton Kersh’s first auction of Q4 2021 saw 80% of properties listed sold, with a total sales value of over £11.5 million.

With over 500 bidders registered, the team offered 96 lots on the day after selling over £3.1 million worth of property prior to the online event.

Lot 1 received an ‘exceptionally’ high amount of interest; a three-storey end-terraced property in the heart of Woolton Village, L25, comprising of a ground floor café together with a three-bed flat above over the first and second floors. It had a guide of £215,000 and sold for £340,000.

Lot 7, a three-bed mid-terraced property in L9, had a lot of bidders registered for it due to the potential of the property. It sold for £130,000 after being listed for £85,000.

Throughout the auction, bidders showed a lot of interest in residential properties that were either terraced or semi-detached style.

Three-bedroom properties for investment or occupation were particularly popular, such as lot 14, a three-bed double fronted semi-detached house in Crosby, L23, which requires a scheme of refurbishment. It was listed with a guide price of £100,000 and sold for £140,500.

Meanwhile, lot 20 was a three-bedroom first floor flat in Bootle and was listed with a guide price of £25,000, selling for a bargain price of £30,000.

Another mixed-use property that proved popular both in the run-up to the auction but also on the day was lot 41 on the popular West Derby Road in L6. It had a guide of £70,000 and after a long bidding war, it sold for £110,500.

Lot 78 in Wavertree is another three-bed mid-terraced property that was in huge demand and after another fierce bidding war sold for £40,000 over its guide price.

Lot 79 saw multiple bidders from across the country register to bid. This ‘stunning’ three-storey (plus basement) six-bedroomed Victorian semi-detached house in Sheffield needs a full upgrade and refurbishment scheme and once completed would be suitable for occupation or investment purposes. It was listed with a guide price of £375,000 and sold for £411,500.

Cathy Holt, associate director of Sutton Kersh Auctions, comments: “We are delighted by our September results which brings our year-to-date total value of sales to over £60 million through just five auctions.”

“We have two auctions to go for this year and already have a waiting list of those wanting to sell at our October auction and buyers who missed out on the lots re-registering too. This shows there is still a huge demand for investment in the property market for both residential & commercial uses.”

Sutton Kersh Auctions will be holding its next auction on October 28 2021.

SDL Property Auction achieves UK’s largest live-streamed September auction

SDL Property Auctions held another record-breaking National Property Auction this month, having topped the table for the biggest UK August property auction for two years running.

Featuring over 240 lots, the latest interactive digital catalogue, launched ahead of its September National Property Auction shows there is no sign of the market cooling down as the stamp duty holiday comes to an end. 

Managing director and auctioneer Andrew Parker says: “Stamp duty returns to its standard rate the day after our National Property Auction but there are no signs of the market dampening. We have 20% more lots than this time last year, showing that sellers are just as keen to secure a fast, faff-free sale for their properties.”

“There are early signs that our registered bidder numbers will be as high as ever, too.”

Auction roundup – a bumper September to wrap up the summer

The auctions market has also been given a boost by the lifting of Covid-19 restrictions, which means potential buyers can once again book in-person property viewings on the SDL Property Auctions website.

Parker adds: “We are delighted to be able to offer in-person viewings once again and people can be assured that we take precautions to keep them safe.”

Buyers have already been flocking to view properties being sold in the auction and have a huge range of lots to choose from, including cottages, flats, offices and even a houseboat. 

The 60ft wide beam barge is moored at Meadow Farm Marina, Huston Close in Barrow upon Soar, near Loughborough, and is in ‘excellent’ condition throughout, with a handmade oak kitchen, oak storage units throughout, a high-end shower room and two bedrooms. 

One of the smallest properties which is said to pack a big punch when it comes to kerb appeal is a unique former chapel in the Cheshire village of Tarvin. Pilgrim Cottage in Platts Lane, Old Moss features a kitchen and sitting room with an exposed brick fireplace on the ground floor, with a bedroom and bathroom upstairs. There is parking for one vehicle and an enclosed rear garden. The cottage is being sold in partnership with Humphreys with a *guide price of £125,000-plus.

Auction roundup – a bumper September to wrap up the summer

An ‘exciting’ opportunity for investors can be found in The White House, 27 Boroughgate in Appleby-In-Westmorland, a mixed-use property comprising office space and seven self-contained flats in a substantial Grade II Listed building. In a picturesque market town on the edge of the Lake District, the property is largely tenanted, and realises a rental income of £28,470 per year, with the potential to increase this as two flats are currently vacant. It has a guide price of £395,000-plus. 

Andrew adds: “As always, there is no typical auction property with our lots ranging from small parcels of land to a former bankformer church, plus lots of lovely family homes in between.  We look forward to another busy day at the rostrum getting great results for properties and helping people to find their next project or home.”

SDL Property Auctions’ National Property Auction takes place on on Thursday September 30. For more information on the upcoming lots, click here. To register to bid, click here.

Latest running total means Bond Wolfe already beats last year

Bond Wolfe’s property auction sales have reached nearly £130 million so far in 2021, already more than 2020’s total but with two more auctions still to come this year.

The UK’s leading regional property auctioneer’s fast revenues growth comes after another £21.9 million of sales in its latest auction yesterday, when 180 lots were sold out of 191 offered – a 95% success rate. 

And despite the end of the stamp duty holiday, interest in the auction remained high, with 478,660 website page views, 137,003 video tours watched and 36,191 legal documents downloaded.

Auction roundup – a bumper September to wrap up the summerGurpreet Bassi, chief executive of Bond Wolfe, states: “We had another highly successful auction yesterday, with competitive bidding meaning that many properties achieved exceptional sale prices.”

“This builds on our continuing expansion throughout 2021, which is fully reflected by the fact that our total sales in the year to date are £129.9m – more than we sold in the whole of 2020.”

He adds: “When you consider that we still have two more auctions to go this year, the overall annual growth is set to be substantial, and shows how the property marketplace is continuing to recover post-lockdown.”

One of the star performers in the latest auction was an entire block of 12 apartments in a five-storey block off the Birmingham Road, in the sought-after suburb of Wylde Green, Sutton Coldfield.

All apartments are occupied and bringing in annual total rents of £90,360 in the block above The Lanes Shopping Centre, and the hammer finally came down at £1,045,000 from a guide price* of £950,000.

Down in the city at 342 Summer Lane, Newtown, a ground rent on a two-storey freehold commercial unit bringing in at least £2,900 a year until 2071 was sold on behalf of Birmingham City Council for £234,000 from a guide price of £150,000-plus.

Over in the Black Country, a three-bedroomed, detached house at 74 King George Crescent, Walsall, was sold on behalf of Walsall Metropolitan Borough Council for £150,000 from a guide price of £138,000-plus.

Back in Birmingham, a freehold self-contained commercial building in at 3B Drayton Road, Kings Heath that’s currently used as a yoga studio was sold for £292,000 from a guide price of £250,000-plus.

The auction also achieved decent prices for properties in receivership, with a three-bedroomed, semi-detached house at 76 Queensway in Leamington Spa, Warwickshire selling for £251,000 from a guide price of £195,000-plus.

Numerous lots from across the UK also performed well in the auction, with a three-bedroomed, semi-detached house down in West London of particular interest to bidders.

This property at 235 Kingshill Avenue in Hayes, Middlesex sold for £470,000 from a guide price of £350,000+.

Mr Bassi goes on to say: “The properties in our auctions are increasingly coming from across the country, with sellers continuing to be more than satisfied at the prices we are achieving for them.”

“Bond Wolfe has become a name on the lips of anyone regularly buying or selling in UK property auctions, and we are looking forward to more great lots and bidding in our next auction in October.”

Bond Wolfe’s next auction is being held on Wednesday October 20.

Northampton development site sells for £1.64m at Strettons

A prominent development site in Northampton town centre sold for £1.64 million at Strettons’ September sale.

The 0.22-acre site with planning permission for 60 residential units and two restaurants was guided at £1.37 million but attracted healthy interest from developers and eventually sold for 20% above guide.

The site was the highest price of the sale in which Strettons raised £8.8 million, selling 69% of the properties offered.

Other notable sales included a freehold town centre commercial investment with three self-contained flats in Brentwood which sold for £845,000 against a guide of £770,000 and a freehold part vacant residential investment comprising two flats in Forest Gate which went for £516,000 off a guide of £480,000-plus.

Auction roundup – a bumper September to wrap up the summer

In Leyton and Leytonstone, a portfolio of three lots with development potential all sold having attracted significant interest from developers. On Lea Bridge Road, Leyton, a property comprising a freehold shop, yard and three-bedroom flat sold for £612,000 off a guide of £425,000, almost £200,000 above guide.

Strettons’ director and auctioneer Andrew Brown summarised the sale as a ‘mixed bag’. He says: “Some properties similar to those which had sold in previous auctions just didn’t quite meet reserve, whereas others achieved prices significantly above the guide price.”

“It is too early to tell whether we are seeing a cooling of the market following the frenzy we’ve witnessed over the past 18 months and I definitely think that there are still plenty of opportunities out there for discerning investors with an eye for development potential.”

Lots are now invited for Strettons' next sale which takes place on Thursday October 28 and will once again be live-streamed with remote bidding.

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