Auction House, Hull & East Yorkshire’s second property auction of the year was a resounding success with all eight lots selling – raising just short of £1million.
Contracts are all exchanged on the houses, flats, land and development opportunities that went under the virtual hammer on Wednesday (March 10) – which again was conducted online via eBay-style bidding. Collectively they sold for £86,000 over guide prices.
Like the process followed for the previous five auctions during the Covid lockdown and restrictions, bidding went live on the previous Monday and ended on the Wednesday, when the physical auction at Beverley Racecourse was originally planned. The main difference between these auctions and eBay is that if someone bids in the last 60 seconds before the auction closes, the end time is extended by a further 60 seconds. This prevents auction sniping software and gives genuine buyers a chance to bid again. If they do then it is extended by a further 60 seconds and so on. At the fall of the virtual hammer, it is still a binding contract to purchase.
The local estate agents and auctioneers are part of a multi-award-winning national network of property auctioneers, Auction House, which sees regional agents selling properties on their doorsteps while using the strong brand for national coverage. Nationally the group is reporting a wave of new sellers to its auctions, attracted by a rise in the number of bidders and selling prices regularly reaching well above guide prices.
Simon Dee, business development partner at Auction House, Hull & East Yorkshire, said: “In an ordinary year, this would be considered an excellent achievement; in the middle of a global pandemic, it’s a phenomenal one. So, not only has the auction process managed to cope with the constraints of the Covid crisis, it’s actually flourished.
“This success is proof that buyers and sellers have taken to the idea of internet and livestream sales, and are as happy to bid by telephone, proxy or online as they were in our auction room. It also gives us confidence that even under any further restrictions, we can look forward to similar successes in 2021. So, it is certainly business as usual at Auction House.
“Ultimately, the auction process is far more responsive. The time it takes from someone’s decision to sell a property to the moment the money arrives in their bank account is unbelievably quick. Being able to offer a speedy sale is a major attraction to vendors who are in a hurry or want to select the specific date on which they sell. And because demand is strong, prices are strong. So, it really does make sense to capitalise on the opportunity and sell as soon as possible.”
Lots are now being taken for the next online auction on Wednesday, May 12, which again will come before the extended stamp duty holiday ends at the end of June. Anyone wishing to bid needs to register at least 24 hours before the first lot goes under the hammer.