100% of lots sold at latest online property auction, raising more than £1.7m

23rd Sep

Auction House, Hull & East Yorkshire’s penultimate online property auction for 2021 was another resounding success with all lots selling on the night through competitive bidding, raising just short of £1.8 million for sellers.

Contracts are now exchanged on the 13 lots that sold on September 15, which once again took place via eBay-style bidding. Like the process followed since March 2020 during the Covid lockdowns 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 lots on offer were from around the region, including land and building plots, houses, a country cottage, flats and apartments and a rural pub with living quarters.

The country cottage with kennels and a cattery in Owstwick, rural Holderness, sold for more than £65,000 over the upper guide. A parcel of land with development potential in Huggate, near Driffield, sold for more than £25,000 over the upper guide price.

A currently closed, but well-known popular village pub, The Star Inn, with planning consent for part conversion to create an attached cottage and two apartments, in North Dalton, sold on the night to a buyer who is understood to want to reopen the pub.

Simon Dee, business development partner and valuer at Auction House, Hull & East Yorkshire, said: “Our online auctions through 2020 and this year are proof that the Covid pandemic is not stopping interested buyers and sellers striking a deal in the property market.

“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 really has been business as usual in a continued buoyant property market. Our latest auction is real proof of the interest that is out there, with all lots selling in under an hour.”

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 this year, attracted by a rise in the number of bidders and selling prices regularly reaching well above guide prices.

Simon added: “A year ago, who would have thought that a business which used to rely on holding room auctions at venues across the UK could continue to flourish through three national lockdowns and a ban on people gathering together?

“It’s incredible to see how our teams around the country have not only adapted to the new way of working, but they have also positively embraced it – with online auctions instantly gathering momentum and our livestream sales attracting record numbers of registered bidders well into four figures for many of our auctions.”

The next regional auction takes place on Wednesday, November 17, again online, at the earlier time of 3pm.

BusinessWorks Hull & East Yorkshire Autumn 2021

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