The Leaders Romans Group’s (LRG) last auction of 2019 secured a fantastic 93% success rate worth over £2.6 million, confirming a healthy sales market and an increased demand for quick, secure property purchases even with Christmas (and a general election!) around the corner.
For those yearning to achieve a fair price on their property in today’s tough ‘mid-Brexit’ market, considering offering your property for sale by auction could be the way forward, suggests the Group’s chief Auctioneer, Simon Clayton. “If executed correctly, the auction process creates a very competitive environment in which to sell. Buyers at our recent room auction in December had to fight exceptionally hard to win the best properties, which confirms there is definitely a strong market out there for correctly priced property.”
Now offering both timed online auctions and traditional room auctions, December proved a busy month for LRG’s auctions team. Lots offered for sale at Green Park Conference Centre included family-sized houses and bungalows and ideal renovation projects, plus maisonettes and terraced properties, ideal for first-time buyers and investors alike.
Contrary to the common perception of auction sales being reserved for tired and dated property, savvy buy-to-let investors walked away with additions to their portfolios – some offering potential rental yields of over 8%. However, one of the most fiercely competitive bids of the auction ensued for a vacant three-bedroom semi-detached house requiring complete refurbishment, which sold for £395,000 – a staggering 58% more than its £250,000 guide price.
Similarly, the second lot of the day secured £108,000 more than its initial guide price of £180,000 – a fantastic increase of 60%.
One of LRG’s auction clients commented, “Living in Australia, we were unable to attend December’s auction, but did watch it live on the TV! We became very excited when our lot reached its £80,000 reserve and were very well pleased when it surpassed £100k and was finally sold for £106,000. As executors, we are now finally able to pay off the creditors and continue moving on with our lives. We will be so glad once all the paperwork is finalised and we can distribute the cash between our siblings – thank you all so much!”
Simon Clayton reminds us that most properties are suitable for sale by auction, so considering sale by auction could be worthwhile if you:
- Need to sell your property quickly
- Need to settle an estate and require speed and transparency
- Want the security of a certain sale
- Want assurance that you’ll achieve the best price
- Would like to choose your own auction date
- Have a property that is vacant, or requires modernisation or development.
LRG’s next room auction will be held at Green Park Conference Centre in Reading on 27th February at 1:30pm. If you’re interested in submitting your property or simply want to find out more about the valuation and auction sale process, contact the experienced auctions team on 033 0057 1736, or visit www.romans.co.uk/auctions.
Can’t wait until the end of February? Choose your own auction date! LRG also offers a new, innovative and pioneering platform for selling property via an online auction. It provides all the benefits of a traditional auction whilst also providing sellers with convenience, seller security, longer bidding periods and an increased marketing period.
Find out more about selling your property via LRG’s online property auction by arranging a free valuation, or by calling the auctions team today on 033 0057 1736.