Are we sold on property auctions in 2022?

Posted on 25 July 2022
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Are we sold on property auctions in 2022?

While all eyes have been on house price indexes, mortgage approvals and the number of valuations undertaken by estate agents in a bid to measure whether the current momentum in the property market can be sustained, one area is often overlooked.

Property auctions are an excellent barometer of buying and selling activity – and whether there are any signs of distress in the market. With half of the year already behind us, now is a great time to look at how property auctions are performing.

Auctioneer iamsold report its recent sales figures buck the trend for a slowing property market. The firm announced its highest monthly auction sales to date in May 2022, using the Modern Method of Auction (MMoA) to sell 621 properties in a four-week period.

The result was £119 million in capital for sellers, which also proved to be a record-breaking figure. With in-the-room exchange and a level of certainty not found on the High Street when using the open market to buy and sell property, it’s no surprise that MMoA is gaining in popularity.

In fact, iamsold recorded a 15% increase in properties sold using MMoA this May, when compared to April, while there has been a 46% increase in sellers using MMoA when comparing May 2021 to May 2022.

Property auction prospects are looking so healthy that new entrants to the market are in evidence. Newcomer Landmark Auctions held its first auction in May, with a number of residential, commercial, development, investment and land lots sold successfully. Its highlight was a family home in Essex that sold for 20% over its guide price.

Landmark Auctions’ owner, Tommy Hughes, says lockdowns have changed the way people buy and sell property, with movers feeling more comfortable with a remote process. As a result, he offers online access to all his auctions, alongside a more traditional in-house approach.

It’s a very similar story at Auction House London, where demand for its services has not dipped. A buoyant number of both property lots for sale and bidders has kept the team on its toes. In fact, at its most recent event, the auctioneer sold 92% of the 130 listed for sale – with more that £25 million worth of property changing hands in the sale room.

Comments by auctioneer and Director, Andrew Binstock, shed light on what direction the market is moving in. Rather than buy properties in immaculate condition, Andrew observed that plots of land and properties with development potential are proving the most attractive. That’s not to say they are cheap purchases. One Chiswick property in need of total refurbishment had a guide price of £775,000, but sold for £946,000.

The trend for investing in auction property to do up, flip or improve has prompted the launch of a new service called Lendlord. It’s an online auction platform where landlords and investors can view thousands of property details from multiple online auctions, analyse the returns on those properties and organise a bridging loan to finance the purchase – all in the same online space.

Viewber is already supporting a number of auction houses where property access/viewings and catalogue photos/details are integral parts of the buying and selling journey. Our network of trained and vetted Viewbers work nationwide, making hard-to-reach out-of-catchment properties a more viable business option. Contact us at Viewber to learn more about our services.

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