Friday, 24 September 2021

Auctions make strong start to 2015

PROPERTY auctions have got off to a successful start for estate agencies this year.

PROPERTY auctions have got off to a successful start for estate agencies this year.

Whether it be rural houses, land, properties in need of refurbishment, building plots or town and city houses/flats, an auction offers the promise of an exchange of contracts on the fall of the hammer.

Romans, which has a branch in Hart Street, specialises in a variety of property by auction. The agency held its first auction of 2015 in February, and it proved to be an exciting one with 19 lots on offer at its new venue of the Green Park Conference Centre in Reading.

It featured a selection of residential and commercial properties from across Berkshire and Oxfordshire, as well as further afield.

“Our first auction at Green Park was a showstopper, with 100 per cent of the lots selling and standing room only as record numbers came to experience the action,” said Romans auctions director Simon Clayton. “Our auctions always attract a fantastic array of properties, and this particular one included several terraced houses in central Reading, an investor’s dream, as well as some larger properties on good plots of land.

“I always expect interest from both investors and owner occupiers. With house prices predicted to continue rising throughout the year, buying at auction is a fantastic way to quickly get on the property ladder.

“Every year we are attracting more customers to our auctions, and now the Romans group has expanded to take in the Henley area, the need for a larger auction location was obvious â?? hence our move to Green Park.

“It’s a bigger modern venue and better for our customers, being located just off the M4 junction 11, in what is seen by many, as the commercial centre of the Thames Valley.”

Star lots on the day included Delamere in Bix, which was an attractive vacant period cottage in need of extensive renovation. It created a huge amount of interest and after fierce bidding eventually sold for £356,000, £76,000 above its guide price.

Simon continued: “Buyers are now travelling from London and further afield to bid on property that provides more in the way of value than equivalent properties in the city. With the advent of Crossrail, towns like Maidenhead, Slough, Twyford and Reading are becoming increasingly popular, and we experienced some incredibly strong and competitive bidding on properties in all these locations.”

An example of this is The Bungalow in Twyford, which, despite requiring modernisation, achieved £380,000 from a guide of £290,000.

Simon concludes: “The lack of available vacant property for modernisation is making bidding very competitive, but there are still some good opportunities out there for buyers. Frankly, you just can’t beat the atmosphere of a live auction and we’re really looking forward to our next sale in April.”

Savills, which has an office on Bell Street in Henley, and Hamptons International, which has a branch in Hart Street, have also reported a strong start to auctions in 2015.

Chris Coleman-Smith, head of Savills auctions, told Standard Property: “There is still plenty of appetite for property in the auction room, with £52.4 million worth of property sold and an 86 per cent success rate at our first auction of 2015.

“Savills auctions continues to attract a cosmopolitan cross-section of buyer, with fierce bidding for realistically priced lots and successful sales ranging from between £15,000 to close to £2 million.”

Savills’ next national auction takes place on Tuesday, March 31, at The London Millennium Hotel, Grosvenor Square.

Over at Hamptons, which carries out regular auctions across the country, conducted by its Countrywide group, Andrew Brown, managing director of Countrywide Property Auctions, said: “As spring is here, the first signs of new life are all around and the property market is waking up from its winter slumber.

“We saw some very encouraging signs during our February auction series with more than 70 per cent of our stock being sold, and in excess of £6 million being raised for our vendor clients. What was most encouraging, however, was the fact that we achieved an average of 23 per cent over guide price on the lots that were sold.

“Whatever events are in your diary this month, keep Wednesday, March 25 free for our next London sale at the Le Méridien hotel!”

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