The majority of property auctions are currently held in rooms with some online auctions available. According to Neil Singer, chief executive of Clicktopurchase, in the future, there will be no physical auction rooms. (more…)
Many investors are looking for low value commercial properties that can be refurbished for rental, for resale or converted to residential use. (more…)
A business model used by many buy to let landlords is to purchase rundown property at low prices in property auctions, then refurbishing for rental with a short a turnarounds as possible.
Because of stricter affordability rules, some larger landlords are finding it more difficult to (more…)
Property auctions are attracting many types of buyers because the image of auctions has changed.
In the past property auctions mainly sold properties in poor condition at cheap prices. These properties still appear in auctions, but many buildings for sale are in (more…)
Property auctions are moving away from traditional auctions held in a room, to online auctions. The result is that commercial and residential property available for sale can reach a worldwide audience. This makes them popular with sellers as they can access a wider range of potential buyers.
The founder of online auction house LetsBid, Milton Rodosthenous, said that: (more…)
Property auctions are a popular way of purchasing both commercial and residential property. Bidders hope to purchase property at below market prices. For people new to the scene there are fees that they may not be aware of.
Buyers are charged a fee as well as sellers. The buyer’s fee varies but is usually several hundred pounds.
Stamp duty is charged at the same rate as buying property, not in an auction. If the property is an investment and the buyer already owns property, then extra stamp duty is charged.
As in all property deals, a solicitor or conveyancer is required for the legal work.
After a winning bid, 10% of the property price has to be paid to secure the sale. The balance of the purchase price is due between 20 and 28 days after the auction sale. This may not be enough time to arrange a mortgage, so a bridging loan may be needed, which can be available quicker. A bridging loan will charge interest on a monthly basis, which can be around 1% or more.
If the property is very cheap it will probably be because it needs extensive repairs. A lender may not provide a mortgage until the work has been done. A bridging loan may be required to finance the construction work.
Adding all these fees to the value of the winning bid can still mean that property bought at auction can be cheaper than buying on the open market.
Every year the police seize property and other assets from criminals, which are sold off at auction. Wilsons auctioneers in Belfast is one of the leading auction houses that sells these assets.
Wilsons works for over 40 British law enforcement agencies to sell off seized assets. In April 2018, they are auctioning several assets that have been seized under the Proceeds of Crime Act. Criminals have expensive tastes. Items for sale include (more…)
New online auctioneers are modernising the process of buying property at auctions. (more…)
The Land Registry has reported that residential house sales fell by 21% in 2017 compared to the previous year.
Roger Lake, the founding director of property auctioneers, Auction House claims that most of the decrease is due to fewer sales by estate agents. Auction House sold (more…)
A new property auctioneer wants to change the face of property auctions by launching Britain’s first purely online auction.
Many property auctions provide opportunities for (more…)