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Auction roundup – pinch, punch, the first roundup of the month!

We’ve already reached October in what has been another tumultuous year for the housing market.

The auction world continues to thrive, however, with sterling results across the board and an influx of eager buyers. But will the stamp duty holiday’s end affect sales going forward?

Insight – is the face of auction buyers changing?


New data from iamsold reveals that the majority of properties bought at its online auctions are for owner-occupation – almost double that of buy-to-let properties.

According to Moneyfacts, the number of buy-to-let mortgages available to would-be landlords has risen from 74 in August 2020 to 186 in September this year.

During this time, the interest from investors has remained consistent for iamsold, with 20% of its auction properties purchased as buy-to-lets. However, the largest buyer group overall for iamsold’s auction properties were purchased by clients as homes to live in with 38% purchased for owner-occupation.

iamsold specialises in the Modern Method of Auction (MMoA), a form of conditional auction that offers fixed 56-day completion timescales, which enables buyers to obtain a mortgage and arrange finances, should they need to.

Jamie Cooke, managing director at iamsold, comments: “Just like the assumptions that property auction is always conducted in a pressurised salesroom, many people also believe that it’s only for cash buyers with investment properties on their mind.”

“Our data has shown that this simply isn’t the case and there are all types of properties available at auction for all types of buyers. During August, 46% of our properties were sold for owner-occupation and this was higher still in the South at 56 per cent.”

He continues: “Whilst stock is low in other parts of the market, our portfolio continues to grow, and we’ve sold £750 million worth of property in the last 12 months.”

As well as a quick turnaround considering Private Treaty sales can take more than 120 days, iamsold says MMoA has a 95% completion rate versus the current 70% rate of Private Treaty sales.

“We believe that auction is for everyone and we’re fortunate to see that the opinion of consumers is changing, too,” Cooke adds. “We’ve had 42% more properties available at auction since January of this year compared to the same period last year and the average number of bids per property has jumped by nearly 60 per cent on each property.”

“Not only are more people choosing auction to sell their homes, but more people are also choosing to use auction to buy which is driving great results for vendors and agents.”

Clive Emson reports successful auction results for September

Clive Emson’s September auction has generated more than £24 million in sales, achieving an 80% success rate.

The online auction, which featured the highest number of lots to date this year by the firm, attracted 117,200 website views over 72 hours before the timers ended. A total of 4,603 legal packs were also requested.

Managing director James Emson comments: “Our auctions continue to deliver results for sellers and buyers alike in this era of record-low interest rates and new inflationary pressures.”

“The current 0.1% base rate does little for savers, with anaemic returns, but can make property attractive for buyers, with long-term capital growth, rental income and a hedge against rises in the cost of living.”

Various bidding wars broke out, one being for 15 acres of land near the East Sussex village of Robertsbridge which went for £206,000 – £146,000 above guide.

In another, a doing-up detached bungalow in Bracklesham Bay, near Chichester in West Sussex, fetched £289,000 following 69 bids, taking the final price £139,000 over the guide price.

A former water tower with development potential near Saffron Waldren, Essex sold for £190,000 (lot 25), while a penthouse apartment in the historic part of Old Portsmouth, Hampshire, with triple aspect sea views, went for £701,000 (lot 63).

Three plots of land on the coastline near Lymington in Hampshire, including a shingle bank, fetched £7,000 (lot 71).

Away from the coast and country, a third-floor apartment in Chelsea, central London, fetched £500,000 against a £330,000-plus estimate (lot 32).

The highest bid in the auction was for £1.1 million – a residential block of 12 units near Sevenoaks in Kent is currently let at £75,180 per annum, providing a gross annual yield of 6.8% (lot 62).

In New Malden, south London, a largely untouched semi-detached house with three bedrooms was acquired for £642,000 (lot 66) while a former sub-station of less than 0.01 acres in Ilford, East London, sold for £56,000 (lot 98).

Clive Emson’s next auction ends on 3 November; lot entries close on October 11 and the online catalogue is available from October 15.


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