Anyone involved in selling property across the South West this summer will have noticed that buyers are taking their time. Against that backdrop, the auction market is showing a very different level of activity.
The latest figures from the Essential Information Group show 4,042 lots offered across the UK in June, up 36.5% on the same month last year, with 2,659 sold and £537.3 million raised. That represents a 65.8% success rate, with commercial property achieving just over 67%.
Across the second quarter, 11,504 lots were offered and 7,632 sold – a success rate of 66.3% – raising more than £1.46 billion for sellers. Most relevant to us, EIG highlighted the South West as one of the strongest-performing regions for growth in both lots offered and lots sold between April and June.
Put simply, two-thirds of properties entering a UK auction are selling. And despite the fact that summer is traditionally one of the quieter periods in the auction calendar, activity remains strong.
Why auction is attracting sellers
The appeal of auction is increasingly clear. Sellers have a defined marketing period, a fixed auction date and, once the hammer falls, a legally binding sale.
Buyers are still selective, but where a property is correctly priced and the legal pack is properly prepared, competition can be strong.
Guide price is critical. Set at the right level, it creates interest and brings buyers into competition. Set too high, and that opportunity can quickly disappear.
We have seen both outcomes, and the difference is often the pricing advice given at the outset.
Recent South Devon sales
Our recent auction results demonstrate the breadth of property attracting buyers:
25 Walnut Road, Torquay – Three long leasehold flats within a prominent period building in Chelston, sold as a single tenanted residential investment. Sold pre-auction to a committed buyer.
Dartmouth Clinic, Mayors Avenue, Dartmouth – A substantial former clinic building close to Dartmouth town centre, offering scope for alternative uses subject to the necessary consents.
41 Abbey Road, Torquay – A mixed-use commercial investment with an established convenience store at ground floor and residential accommodation above, sold with the business unaffected.
1–6 Rock Road, Torquay – A walled and gated central Torquay site offered as a redevelopment opportunity, subject to the purchaser’s own enquiries and consents.
These properties demonstrate just how broad the auction market has become.
There is very little we cannot sell
We sell houses and flats, commercial premises and investments, development land and building plots, closed care homes, pubs and hotels.
Unmortgageable property is not necessarily a problem, and for some properties the auction room can provide access to a much wider pool of specialist buyers.
We also regularly act on probate and estate sales, marital and separation matters, retirement and care situations, financial pressures and time-sensitive sales, as well as working with receivers, insolvency practitioners and solicitors.
Whatever the circumstances, a confidential conversation at an early stage can help establish whether auction is the right route.
Working with BTG Eddisons Property Auctions
Our partnership with BTG Eddisons Property Auctions, the second largest property auction house in the UK, combines our local knowledge and pricing expertise with a national catalogue, national buyer database and extensive marketing reach.
This collaborative approach has proved particularly effective for more unusual and specialist properties.
Considering auction?
The first step is straightforward.
We can provide an initial appraisal remotely, using the address and any information you already have. We will provide a considered view on suitability, guide price, likely reserve and expected level of interest – with no cost, no obligation and no need for an initial site visit.
If the initial advice looks right for you, we can then arrange a formal inspection and take things forward.
The next catalogues are filling now.
If you own a property you have been considering selling, or one that could benefit from the auction process, please get in touch.
?? paul.heather@charlesdarrow.co.uk
??01626 330022