First online property auction of 2021 set to be busy, say organisers

14th Jan

Auction House Hull & East Yorkshire’s first property auction for 2021 takes place next week and again will be held online with eBay-style bidding.

The auction on Wednesday, January 20, looks set to be another busy one with nine lots, ranging from
houses, apartments, bungalows, a lock-up garage in Driffield and a charming seaview four-bed flat in Scarborough which was previously on the market for £250k and now offered at £160-£180k.

Bidding will go live next Monday (January 18) and ends on Wednesday, when the physical auction at Beverley Racecourse was originally planned. Anyone wishing to bid needs to register online at least 24 hours before the first lot goes under the hammer at 6.30pm on the day of the auction.

Due to the continued Covid-19 restrictions, this latest auction will follow last year’s auctions, which all switched to an online platform. All were a resounding success and September’s auction raised £2,653,000 for sellers, the highest amount raised through the local auctioneer’s property auctions since they began in 2008.

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. Just this week the group has reported its best-ever figures for 2020, with an annual success rate of 79.2%, meaning four out of every five properties were sold, raising £447 million.

Simon Dee, business development partner at Auction House Hull & East Yorkshire, said: “On the back of a successful 2020, we have a strong set of lots going under the hammer next week. All of them have received good interest from prospective buyers during the marketing period, via 360 virtual tours and personal inspections, so we expect it to be a busy evening.

“The main difference between this auction 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 the do then it is extended by a further 60 seconds and so on. At the fall of the virtual gavel it is still a binding contract to purchase.”

Talking about the national property market situation, Simon added: “2020 was a strong year for us. Despite the property market closing for over six weeks during the first lockdown, despite having to transfer all our room auctions to online or livestream sales, and despite ongoing coronavirus restrictions, we still managed to sell a higher percentage of lots than ever before.

“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 another lockdown, we can look forward to similar successes in 2021.

“The message seems to be getting across to both buyers and sellers that – unlike the private treaty market – we can still deliver sales that complete in advance of the stamp duty holiday deadline on March 31. Future uncertainty is influencing more and more sellers to choose auction and get their properties sold. So, it is certainly business as usual at Auction House and 2021 looks set to be off to a very busy start.”

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