Auction sales unaffected by Brexit, according to new report

The first six sales in 2019 by Auction House had a success rate of over 80 per cent.

In terms of lots sold, the franchise established in 2007 with 40 sale rooms across England, Wales and Scotland is now the largest residential auctioneer and second largest auctioneer of commercial property in the country.

The number of lots entered in the firm’s first round of auctions this year – 802 – outstripped last year’s total of 754.

Charles Lovell, head of auctions at the company that in Bucks and Beds is part of the Robinson + Hall estate agency network says the results point to auctions being a good bet for buyers and sellers.

He said: “The very nature of selling property at auction makes it less susceptible to economic uncertainty than other methods of sale.

“Auctions find buyers quickly and enable sellers to turn property assets into cash without delay. That speed which can generate an exchange of contracts within three-four weeks of instruction is a solution that buyers love.”

He added: “Estate agents may claim that people are biding their time until the UK has left the European Union but that’s not what we’re seeing in our sales rooms.

“Our lot numbers are up, our sales rooms are busy and we seem to be largely unaffected by the Brexit process.”

The auction expert says sellers should ask themselves six questions to decide whether auction would be right for them.

“Firstly – is the property you want to sell empty? If so, you’ll want to sell it fast and by auction.

“Secondly, is it mortgageable? If it isn’t, you should definitely choose auction.

“Thirdly, is the property a parcel of land or a building or development project? Again, if so, auction is an ideal method.

“Fourthly, is the property commercial or mixed use? Both of those categories sell better by auction than other methods.

“Fifth, is the property a parcel of land or a building and development project? Again, if so, auction is an ideal method.

“And finally, is your property tenanted? The beauty of auctions is that you can sell it as an investment without needing to empty the property first. That way, you’ll receive rent through to completion and the purchaser will start receiving rent from the day they take ownership.”

The expert acknowledged: “Yes, buyers will need to have funds in place but they’ll find auction properties keenly priced and the process reassuringly quick and certain.”

He summed up: “Our advice is don’t hold back. We could sell your property and enable you to move on with your life.”

Pictured is a period cottage at Maids Moreton near Buckingham scheduled to be sold in April Guide price: £250,000 plus.