Online property auction proves a resounding success

15th May

The current national situation did not impede the auction taking place this week, but due to social distancing restrictions it took place online, instead of at its usual venue, Beverley Racecourse.
Online bidding, similar to that on eBay, opened at 9am on Monday, May 11, and 72 interested buyers registered to bid – which resulted in strong competition for all the lots.
Simon Dee, business development partner at Auction House Hull & East Yorkshire, said: “The online auction was a great success and almost as exciting as being in a packed auction room. All properties sold, which is outstanding when considering the restrictions that have been in place during the entire marketing period of the auction. The 360 virtual tours and video viewings played an essential part in this success as only a couple of buyers were able to physically view the properties on the day of the auction once the restrictions on viewings were lifted.” 
Two notable lots were a property in Cedar Grove, Hull, which had a guide price of £35,000 and sold for £44,000, even after only being marketed for nine days with no physical viewings taking place. A property in Brooklands Road, Hull, was also very popular and sold for £74,000 against an asking price of £55,000 to £65,000.
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.
The last auction at the racecourse’s Attractions Restaurant in March, the week before lockdown, saw 75% of lots sold, raising just under £1.16m in sales. Given the Covid-19 situation the local property auctioneers put everything in place to enable this auction and the forthcoming July one to continue while still adhering to the Government restrictions.
Simon added: “The message must be that with restrictions easing, our online auctions provide a quick and safe route to sell a tired vacant property for a good cash price. Our July auction will also be online, but if anyone can’t wait until then, our national auctions are held weekly and we can enter a property into them as little as two weeks before each sale.”

BusinessWorks Hull & East Yorkshire summer 2021

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