Interest in homes under the hammer is high
Auction house Pugh has reported a £5m sales performance for its April property auctions, which were switched from auction rooms in Manchester and Leeds to online sales after the introduction of social distancing regulations in March.
The auctioneer sold a total of 51 lots at last month’s online sale, with a combined value of £4.8m. The properties and plots of land sold realised sale prices 24 per cent higher than guide prices.
Pugh managing director Paul Thompson said the success of the firm’s existing online sales, held in addition to its regular auctions in Manchester and Leeds, made the transition of its entire operation to an online platform less challenging.
“The launch of our April auction catalogue coincided with the prime minister’s lockdown announcement, however our online sales, in which we had successfully sold 100 per cent of the lots, had already been underway for over 12 months. This made it relatively easy for us to switch the whole process online, with a smooth transition for both buyers and sellers.
“While some vendors were nervous initially, serial investors are still seeing value in property and land despite the ongoing restrictions. The high rates of enquiries, pre-auction offers and legal pack downloads continue to speak for themselves and prove the market is still buoyant.”
Mr Thompson added: “Our April auction was a useful test for the lockdown market and demonstrated that, contrary to the general narrative, there is certainly still an appetite among investors to buy.
“We’ve also seen that the online option actually provides flexibility for clients, with bespoke auction dates and the added security of registered and anti-money-laundering-checked bidders paying a pre-authorised deposit before they bid.”
Pugh’s next online auction, featuring properties and land across the UK, will take place on June 2, with registration closing on June 1.
The full auction catalogue is available to view at www.pughauctions.com.
Among the lots are a twobedroom terrace house on Keighley Road in the village of Denholme. The property, which has stunning views, has a guide price of £50,000 and is in need of modernisation. A four-bedroom terrace house on Park Road, Shipley, will also come under the hammer with a guide price of £110,000 and there is an one-bedroom apartment in Mirfield with a guide price of £55,000.
There is also an opportunity for developers as the former Shoulder of Mutton Inn on Howden Clough Road, Leeds.
The guide price is £150,000 and includes planning consent to demolish the pub to make way for a 0.26 acre housing development.
You can request to view properties, which usually come with legal packs, including searches. You may want a solicitor to check the documents and do further checks on the property.
In order to bid in an online auction, you will need to create an account with the auction house and register for the auction you want to bid on. You must add your debit card details and provide proof of identity documents to become a bidder.
If you win the bid, you will be bound by the terms and conditions of the sale and liable for the insurance of the property. Most auction companies will then give you between 14 days to six weeks to complete and pay the balance of the purchase price.