‘Sellers’ market’ as property auction moves online

11th May

Online bidding, like that on the auction site eBay, began today at 9am and ends on Wednesday (May 13), when the physical auction at Beverley Racecourse was planned. Anyone wishing to bid needs to register up until the first lot goes under the hammer at 6.30pm at auctionhouse.uk.net/hullandeastyorkshire. The closing time for subsequent lots is two minutes after the previous lot finishes.
Simon Dee, business development partner at Auction House, Hull & East Yorkshire, said: “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 they 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.”
The auction had eight lots in total, but two have sold prior and one was withdrawn, so five lots are on offer and they have to date generated good interest with prospective buyers able to view properties in some detail via 360-degree virtual video tours. Interested buyers can inspect interiors without needing to view in person.
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 current Covid-19 situation, the local property auctioneers have put everything in place to enable this auction and the July one if necessary, to continue regardless of restrictions.
Simon added: “Other Auction House regions have tried and tested the online platform over the last two months with some excellent results and we expect the same to be mirrored in this region. We have invested heavily and worked hard to ensure that this auction can still go ahead and achieve the sales that our clients are eager to complete.
“My message is that the market now favours sellers, as there is strong demand and a shortage of lots. It remains a good time to sell surplus assets, vacant properties and tenanted investments which landlords want to offload from their portfolios. Our online auction room is perfectly placed to provide the quickest route to securing the best price.”

BusinessWorks Hull & East Yorkshire summer 2022

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