More than 520,000 UK home sales were abandoned this year, after the government ordered a temporary freeze on the housing market in March due to the coronavirus. Research shows although the housing market is open for business, statistics show the buying spend is extremely different to that of last year.
Connect UK Auctions have seen the number of enquires and sales in their land opportunities rocket. Last Thursday they received instructions to sell seven new plots in the London Boroughs of Keston and Bromley. These were all sold before the day was out with exchange and completion taking place within, 24hours. Incredible! The clients selling the land were all delighted. They have seen land sales increase by a huge 200% over the past two months.
“Buyers trends are always extremely interesting and at a time like no other, we are seeing confidence in many change. The housing market will always prevail and any property aficionado knows, property and land investment is a longer-term game.” – Director Robert Jenkins
Connect UK’s May Auction proved very successful, with 76% of all lots sold with one lot selling a mighty 41% above the guide price. With 38% of buyers registering for internet bidding on the day of the auction, the day was set to be a success from the off. Behind closed doors, many took to bidding over the phone as well as via the company’s bespoke internet bidding platform – Connect Realtime®. They are the only UK auction house to offer internet bidding direct through their own website, without the need to involve third parties. Each auction is hosted by Television and industry expert Adam Partridge alongside a presenter for the viewer’s benefit.
Not only does auction offer speed and security but this method of sale holds numerous benefits over that of traditional estate agency sales. Clients turn to auction for a number of reasons whether job relocation, emigration, matrimonial issues, death, outgrowing the house, or simple frustration with the open market, and often the sale achieves a higher price via this method through the competitive bidding of the room.
Why do people sell via auction?
Three reasons: Maximum price, speed and security.
Price You are in full control at all times. From the reserve price to the guide price, we are here only to advise. Setting an attractive guide price instils the engagement of potential buyers. The competitive atmosphere and the variety of bidders from different sources will push up the price organically. If a property is suitable for auction- expect the sale price to reflect that.
Speed Property Auctions are best known for selling with speed. On the fall of the gavel contracts are exchanged and completion usually 28 days after, unless special conditions apply. By following our advice and pricing the property at a keen and attractive level you can be sure of a quick sale and sometimes even a pre-auction sale. This timescale is legal and binding. Clients are attracted to the promptness of a swift completion of a sale.
Security Imagine a sale with no possible fall throughs, gazumping or gazundering. Once the gavel falls the buyer and seller are legally bound to the sale and contracts are exchanged. Neither party can pull out. Not only this, this method of sale eliminates any long negotiation processes and seller chains.