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Auction roundup – new auctioneer launches amidst a joyful June

In a week of blazing weather, PIT shines a light on the latest auction news, from a new property auctioneer coming to the industry, to bumper catalogues for upcoming June auctions. We also received a comment from My Auction on the latest interest rate increase. While we’ve established that May was a triumphant month for auctions, will June surpass it?

New auctioneer breaks into the industry after first successful sale

Landmark Auctions, a new property auctioneer based in Hertfordshire, has launched its services to the industry.


The auctioneer offers residential and commercial property, development, investment and land through in-house, online and live-streamed auctions across the country.

Landmark held its first auction at the end of May with a number of lots selling under the hammer, including a family home in Essex which sold for 20% over its guide price.

Tommy Hughes heads the company and already has an established career spanning over 25 years. Together with his team, they bring a wealth of skill and knowledge in both the property and auction industry, enabling them to offer ‘the very best service’ to anyone looking to sell or buy at auction.

Hughes, founder and managing partner, comments: “The pandemic has had a significant impact on the auction market and changed the way many people prefer to buy and sell property, from the comfort of their home.”

“Lockdowns meant we were seeing live and online conducted auctions only, attracting thousands of people and generating hundreds of sales.”

He adds: “This trend will last which is why we are offering online access to all our auctions as well as the more traditional in-house approach.”

“Auction sales is a fast and secure way of buying and selling. No one gets stuck in a chain; it eliminates the risk of being gazumped and exchange takes place on the fall of the auctioneer’s gavel providing greater confidence to seller and buyer. However, for anyone new to the auction world they need to do their research beforehand.”

“We are really looking forward to guiding people through the process,” Hughes concludes.

Landmark Auctions expects to hold five further auctions over the coming months. The next sale is set for July 22.

BidX1 to offer mixed-use centre at bespoke June auction

BidX1 and Knight Frank have been appointed to handle the sale of Princess of Wales Shopping Centre, an open-air pedestrianised scheme in West Yorkshire, at a bespoke auction on June 30.

The freehold shopping centre comprises over 80,000 sq ft of mixed-use accommodation anchored by Boots and the Department of Work & Pensions.

Constructed in 1984, the Princess of Wales is arranged principally at ground-floor level, on a site extending to 1.01 hectares (2.5 acres). The centre offers a mix of mass-market and value-led operators, with 76% of the occupational area secured against national multiples, and a tenant line-up that includes Superdrug, Poundland, Holland & Barrett, Vodafone and The Works, in addition to its anchor tenancies.

The scheme also benefits from 24 car parking spaces and a low service charge at £1.76 per sq ft.

The Princess of Wales generates gross income of £647,000 annually, with a net operating income of £519,731 per annum. The scheme has a WAULT of 3.05 years to lease expiry and 1.64 years to break-option.

BidX1 has listed the Princess of Wales with a guide price of £3,750,000, equating to a gross initial yield of 13.85% and a capital value of £45 per sq ft.

Bidding is due to open at 10am on Thursday June 30, unless the property is sold prior to the auction date.

John Connolly, the BidX1 agent handling the sale, comments: “A strong mix of national covenants and local retailers – along with the potential for further asset management – makes this an exciting opportunity to acquire a vibrant community scheme in a thriving market town.”

Allsop brings 230 lots to market for June resi sale

Allsop has released its residential auction catalogue for June, offering 230 lots with 20 guided above £1 million – making it the largest residential catalogue since September 2021.

The new catalogue features an array of quality investment and development opportunities across the country which will appeal to investors, developers and owner-occupiers alike.

Highlights from the residential catalogue include:

  • Lot 25 – a freehold unbroken mid-terrace building in Notting Hill, London, consisting of 12 self-contained flats with possible potential for reconfiguration, guided at £5 million-plus

  • Lot 52 – a freehold holiday chalet park ground rent investment in Dartmouth, Devon extending to a site area of approximately 18.74 acres with possible potential for further development, guided at £3 million-plus

  • Lot 87 – two freehold purpose-built blocks arranged to provide four three-bedroom townhouses and six self-contained one-bedroom flats located in Tunbridge Wells, Kent, guided at £2.5 million-plus

  • Lot 45 – a freehold development site situated in Newbury, Berkshire, with two planning consents granted for seven houses with a total proposed area of 18,751 sq ft, guided at £2.5 million-plus

Richard Adamson, partner and auctioneer at Allsop, says: “As we continue to operate in an uncertain economic environment, characterised by soaring inflation, geopolitical instability and tumbling stock markets, residential property continues to be seen as an attractive asset type to invest in, providing buyers with reassurance and allowing them to safeguard their cash.”

“Many of the properties featured in our new catalogue will undoubtedly be of interest to potential owner-occupiers, who may be struggling to find the right home through traditional avenues and look to benefit from the speed and certainty offered by the auction format.”

Allsop’s next residential auction will be held online on June 23 2022, and the complete catalogue can be viewed here.

Clive Emson presents its June Jubilee auction

A former care home in Kent is among 121 lots listed by Clive Emson Auctioneers in the firm’s Jubilee June auction.

The 20-bedroom property at Barham, between Canterbury and Dover, is guided at £900-950,000 (lot 30).

Managing Director James Emson says: “The building, dating back to the 18th Century and with period features, is one of the highlights of our Jubilee June auction.”

“They include rental investment properties and, with the potential to breathe new life into obsolete spaces, former pubs, public toilets, primary schools and churches.”

“Property continues to attract investors, who have to make their savings work harder due to the 40-year high inflation rate of 9% – and a figure heading towards 11% by autumn.”

“This was reflected in our May auction, which attracted 1,734 unique bids from 25 countries.”

Data from the Nationwide Building Society shows the average house price in 1952, when Her Majesty became Queen, was £1,891 – it is now £260,771, showing how bricks and mortar have grown in value over the decades and why property has an enduring appeal.

June’s auction comprises 43 investment, 37 residential, 14 commercial, 12 development and 15 land lots.

Another highlight of the sale is a residential site with consent for seven houses at Chatham, Kent, on the site of the former Upper Bell Inn, which has an estimate of £1.3 million-£1.5 million (lot 38).

In historic Old Portsmouth, Hampshire, a five-storey former restaurant and bar, with living accommodation, is guided at £1-£1.1 million (lot 120).

Receivers have instructed the sale of a former 36-acre rare breeds farm at West Coker, three miles from Yeovil in Somerset. It is guided at £400,000-plus (lot 4).

A two-bedroom fisherman's loft close to the waterfront at Brixham, Devon, with a workshop and sea/harbour views, has a £240,000-plus estimate (lot 9).

Let at £67,080 per annum, a block of 13 flats at East Cowes, Isle of Wight, is guided at £750,000-plus (lot 11).

Meanwhile, Grasslands, with a fishing lake and bird-watching hide, covering 12 acres and near Canterbury, Kent, is guided at £125-135,000 (lot 14).

Former public conveniences at Hadlow, Tonbridge, Kent, on 377 sq ft, are guided at £50-55,000 (lot 40).

Clive Emson’s auction timers ended yesterday (Thursday June 16), with the online bidding live two days beforehand. PIT aims to publish the results in an upcoming roundup.

iamsold breaks market trend with highest-ever monthly sales

iamsold has reported its highest monthly auction sales to date, with its residential property auction breaking away from the 'slowing market'.

Part of iamproperty, the iamsold auction service supported Estate Agents to sell 621 properties in May via the Modern Method of Auction (MMoA), raising £119 million in capital value for sellers – another record-breaking figure. 

iamsold’s Partner Agents received £2,359,151 in fees following the auction sales – the highest ever monthly figure. In an especially competitive market with low stock levels, more agents are noting the method is helping them to win new instructions by offering vendors choice to best suit their individual circumstances. The fixed timescales of auction also allow agents to receive payment faster compared to a Private Treaty sale.

Despite recent reports of the market slowing in pace compared with the boom since the pandemic, auction is continuing to grow volume as a chosen method of sale for consumers, with speed and security at the heart. Results in May show an increase of 15 per cent more properties sold compared to the previous month and a 46 per cent increase when looking at MMoA sales in May 2021.

Jamie Cooke, managing director for iamsold, comments: “Auction is proving itself as an adaptable method of sale that can deliver results no matter the market conditions.” 

“Even though the pace of the market is starting to ease back to more normal levels, MMoA continues to gather pace and our recent sales figures are continuing to break records. Our Partner Agents are also sharing in the success; winning instructions over competitors, receiving faster payments and easing pressures around hitting sales targets.” 

Dream doer-upper comes to Brown&Co auction

A range of potential renovation projects are set to come under the online auction hammer at Brown&Co’s upcoming sale.

Some lots will be presented in Brown&Co’s auction next week (June 21), while others will go under the hammer in July.

A highlight of the sale is 22 Ash Grove, situated in a popular leafy residential area in Norwich. Guided at £375,000-£395,000, the house features a secret garden in a plot which also has a garage. Inside is an entrance hall, a sitting room, a family/dining room, a kitchen, inner lobby and cloakroom with three bedrooms off a landing upstairs.

Auction roundup – new auctioneer launches amidst a joyful June

Elsewhere, a residential development opportunity at former auction rooms 42a Church Street Hunstanton is up for sale with a guide of £80,000-£90,000. The lot offers a range of adjoining buildings with scope and potential to develop into spacious residential use, subject to the necessary consents.

These former auction rooms extend to approximately 2,500 sqft. The access from Church Street to the premises is owned by the property with permitted rights of way for neighbouring properties.

Meanwhile, 30 Church Street, Northrepps is home to a ‘pretty’ flint and brick cottage needing some improvement though in reasonable order generally. This end-terraced cottage is for sale for a guide price of £125,000-£150,000. It has a sitting room and a kitchen with a bedroom and a bathroom upstairs. Outside is an enclosed garden.

74, Crossdale Street, Northrepps is another idyllic flint and brick property which is semi-detached. The cottage is for sale for a guide price of £250,000-£275,000. Inside is a sitting room, a dining room, a kitchen and a bathroom on the ground floor, with three bedrooms upstairs. Both the cottages are for sale in the July online auction.

Brown&Co’s June auction starts at 11am on June 21. Prospective bidders must register first here.

Cost of living crisis leaves land less popular, says auctioneer

As the cost-of-living crisis stings across the property sector, Toby Limbrick, director at Network Auctions, claims their latest results from June 9 show bidders are now seeking value rather than growth.

He says: “For the last couple of years, plots of land, with and without planning, have been the darling of the auction room. Bidders have felt confident in their speculations, but now we’re seeing a return to value-led projects.”

“The soaring price of materials along with increased labour costs mean bidders are shying away from land and the uncertainty of costs.”

He adds: “Our latest results show demand remains strong for opportunities to add value through refurbishment, development and problem solving (short leases, defective titles etc).”

According to Limbrick, the lot of the day was a property comprising two spacious maisonettes, with one in shell condition. The properties, located in Fenham, Newcastle Upon Tyne, were in a prime position facing Newcastle General Hospital with potential for serviced or short-term accommodation. Bidders fought each other to a hammer price of £176,000 against a reserve of £79,000.

Network Auctions’ deal of the day, meanwhile, was a freehold portfolio of 10 self-contained flats in Wallsend, Tyne and Wear producing £47,340 per annum, with a potential to increase to £56,500. With 57 bids, the hammer price reached £376,000. This lot still shows good value for money for the buyer with such a strong income yield and potential for growth.

Overall, Network Auctions achieved an 84% sales success rate and raised £3.3 million. Network Auctions’ next auction will be held on July 14.

Interest rates rise again, but a property crash is unlikely, says auctioneer

With the Bank of England increasing interest rates for the fifth consecutive time, Stuart Collar-Brown from My Auction says this will have an impact on property prices, but despite this, a property crash remains unlikely.

He comments: “The base rate is predicted to continue to increase for the remainder of the year – possibly finishing 2022 at 2%+, which will have an impact on house prices and the ongoing cost of living crisis. This will, without doubt, affect a large number of the population by way of affordability which in turn, will affect how far they could stretch themselves when considering their next house move.”

“What we are seeing far more frequently now than in the past 24 months is the return of bank down-valuations where lenders seem to be adopting far more caution when it comes to their lending criteria – this can only be viewed as a good thing from a market stabilisation point of view as it brings some much-needed sanity into the market where properties are no longer regularly selling for 15-20% above the advertised asking prices.”

He adds: “The general consensus in the property market amongst estate agents and property professionals is that a crash is unlikely due to the fact there are still more buyers than sellers with the Government still no closer to meeting their housing demands by way of New Build homes.”

Learnings from 2008 include:

  • Stricter lending criteria by the banks as well as keeping a closer eye on affordability due to the rise in the cost of living

  • Down valuations by lenders to try and negate a situation in 1-3 years where owners end up in negative equity

  • Rise in base rate and an ever-changing mortgage product market also helps slow the market down


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