Christmas gifts up for grabs to clever bidders
December is a good time to buy at auction and if you are cash rich and careful, you could pull a Christmas cracker.
CHRISTMAS traditionally brings a slow-down in house sales, but December looks set to be a boom time for homes under the hammer.
Bargains are attracting wouldbe bidders, who have cash and who aren’t afraid of a renovation project.
Most properties at auction are in need of work, including a fourbedroom, two-bathroom house on Whitcliffe Lane in Ripon, which is one of the lots at the next Feather Smailes Scales auction on December 9.
The 1960s’ detached home, which comes with a garage and an annexe building, has attracted 72 viewings so far, thanks to its guide price of £140,000 to £150,000.
Also at the auction is a twobedroom flat with parking, on St Mark’s Avenue, Harrogate, with a guide price of £110,000,and a twobedroom bungalow in Pannal, Harrogate, guided at £200,000.
“We have some excellent homes on offer, particularly for buyers who are looking for a reasonably priced property with development potential or an investment opportunity,” says auctioneer Charles Smailes.
Properties usually come from deceased estates, those desperate for a quick sale and from companies in receivership. Houses in need of repair are traditionally sent to auction, as are plots of land and repossessions.
Some banks prefer to dispose of all their repossessions at a single London auction, so it pays to keep an eye out for those. You can subscribe to the Essential Information Group website, www.eigroup.co.uk, for details of all auctions nationwide. It’s well worth the fees, which start at £220, plus VAT.
“Those who bring property to auction want a quick sale. They accept that usually you get a lower price than if you sell through an agent, though there are exceptions,” says Charles, citing a terraced house in Harrogate, guided at £100,000 and sold for £128,000.
In general, though, says Tony Webber, of Leeds-based Eddisons, cut prices are what bidders want and the difference between an estate agency valuation and an auction guide price is 30 to 40 per cent.
“When the market was good