W1 Network Auctions Scotland in partnership with Network Auctions are offering a rare and idyllic opportunity on the island of Egilsay in the Orkneys
The island of Egilsay probably had its most dramatic historical moment in 1117 when St Magnus the martyr was murdered. Now the ruins of St Magnus church dominate the skyline of this island of just 2.5 square miles where your neighbours are more likely to be corncrakes than humans as the current population is around 30 people.
Reached via a daily ferry, the island offers an idyllic location as a permanent get away from the “rat race” or as a holiday island retreat.
Cott in the Parish of Ronsay is the location of a detached stone built cottage with an adjacent steading (farmstead), stone outbuildings and 8.3 acres of agricultural land.
The cottage extends to approximately 1100 square feet and in good habitable order and comprises 3 bedrooms, living room, kitchen and bathroom. The steading is part derelict. The property is approached via a metalled access road from the main public road.
The property is feuhold (freehold) and is being sold with vacant possession at the next W1 Network Auctions auction in Glasgow on 19th September.
The guide price is £40-50,000
Further information can be obtained from W1 Network Auctions Scotland at www.w1networkauctionsscotland.co.uk on 0845 600 7668 or Network Auctions at www.networkauctions.co.uk on 020 7871 0420Thursday 9 August 2012
After 18 months of continued growth the UK auction market showed a success rate downturn in June.
The residential market saw increases in the number of lots offered and sold however a number of ‘longer established’ auction houses struggled with many returning mid 50% sale rates.
The overall National success rate was down 5%* to an average 68% while Network Auctions returned 78%.
We attribute this to other auctioneers relying on databases and advertising to their established market place in London or the regions. Catalogue sizes have grown and sales rates have fallen but not at Network Auctions. Our approach sees local partners providing valuation and marketing expertise combined with our national marketing and a central London auction room.
Since relocating to London statistics provided by EIG show a 300% increase in people watching our auctions live on the internet while attendances and telephone bidding have increased sharply.
Our latest results compared to 2011 are:-
May 2011 – 70% May 2012 – 80%.
July 2011 – 67% July 2012 – 78%
We would welcome the opportunity to prove ourselves by acting for you at our next auction on 12th September.
If you have properties ready for appraisal with a current supplier why not ask us for a second opinion and if you are holding unsold lots from another auction I would love to talk to you.Thursday 26 July 2012
Hot on the heels of our May auction which achieved an 80% sales success rate, the July auction was equally as successful with a total of 27 lots being sold from the 35 offered, producing an excellent 78% sales success rate.
The July auction featured a wide range of property from across England and Wales with a property in Tenby demonstrating the strength of the auction process and Network Auctions’ partnership approach.
The Tenby property was placed in the auction by Network Auctions’ partner Network Auctions Wales and had a reserve price of £49,000. The property had benefited from Network Auctions Wales’ local marketing and Network Auctions national exposure and when offered in the London auction room the bidding was frenzied.
A number of telephone bidders from the local Tenby area together with bidders in the auction room bid the price up to £93,500 before auctioneer Guy Charrison brought the gavel down on the sale which was 91% above the reserve.
Network Auctions Director Toby Limbrick said: “The sale in Tenby showed the power and value of our network with our partner agent Network Auctions Wales working closely alongside ourselves to deliver a first class service and result for the client.”
Speaking immediately after the auction, auctioneer and Network Auctions Director Guy Charrison was delighted with the sale saying: “We had several lots where we had a number of bidders both in the room and on the telephone. This created a great atmosphere and some excellent sales were made.”
“The River Room at the Glaziers Hall is a great venue with its central location, easy access and stunning views over the River Thames. We are seeing a significant increase in buyers as a result of moving our sales to this iconic venue.”
Crucially, at our auctions, contracts are exchanged when the gavel falls and a binding sale is created.
This is important and sets auctions apart as a great method of sale.
Network Auctions next auction will be on September 12th at the Glaziers Hall and starting at 1pm.Thursday 12 July 2012
We will be holding our next auction at our national auction room at Glaziers Hall overlooking the River Thames in Central London on 4th July H at 1pm. The July auction follows a highly successful May sale when 80% of lots were sold and just under £5 million was raised. That auction featured two lots Read moreTuesday 12 June 2012
The benefit of being a Network Auctions partner was clearly demonstrated with the sale of a property in Northampton at their 3rd May auction in central London. Bedford based Lane & Holmes Network Auctions were approached by a prospective seller responding to an advert in their local press. It turned out that the property was Read moreSaturday 19 May 2012
Auctioneering property is on the up. Here is an extract about Network Auctions from an article by Karen Keeman that appeared in leading industry magazine Property Drum.
Operating from sales rooms in London and Scotland, Network Auctions has recruited like-minded firms around the country with the essential local reputation, knowledge and expertise to advise clients when considering selling at auction.
They explain that the comprehensive training and mentoring programme offered to partners ensures that they can pass on advice to their own clients on what properties are suitable for auction, when they should be sold, how they should be sold and what the reserve price should be.
Network Auctions believes this gives sellers the best of both worlds. Properties for sale are marketed locally by partners as well as nationally through their own marketing.
Guy Charrison is an experienced auctioneer and Chairman of The National Association of Valuers and Auctioneers (NAVA), a professional regulating body, solely concerned with Auctioneers and Valuers. He also works as a consultant at a number of auction houses including Network Auctions.
“Fifteen to twenty years ago, the roles of an estate agent and auctioneers were very separate but over the last ten years, the roles have started to merge and estate agents are realising that they need to have better understanding of auction houses,” says Charrison.
Research from NAVA shows that ten years ago the percentage of residential property soel at auction houses was 2.5%; today it is 4%.
Although small compared to the rest of the market, Charrison believes that in a tough property climate, the certainty of a sale from both vendor and buyer will increase the popularity of the auction house.
“What’s more, estate agents today have to have knowledge about auction houses and not just private treaty sales. It is a legal requirement for them to explain all sorts of sales routes to vendors but not all will have the knowledge to go on a viewing and suggest the best route to be an auction.
“However, many estate agents are realising that this is an area where they need to gain more understanding because it is a growing market. It is also a real perk if they can offer this service to their clients and will help them stand out against their competitors. There are really two main options to enter the market. The first is setting up your own auction house, which although can be done, is a massive commitment. The second is a more “half way house” option. If they join an affiliate such as Network Auctions, they just need to commit some space and time to train members of staff. We will hold the auctions on their behalf in the sales rooms in London and Scotland.”
Alan Kirkman, Managing Director of Tudor Estates in Southend, is one such business who has joined Network Auctions to take advantage of what a national brand can offer.
“In a nutshell, this works for us because we can offer local expertise combined with national coverage. We operate as a local auction house so we deal with our clients on a local level, valuing their property and offering local guidance. But the property will then be put into a national catalogue giving it national exposure. Our sale room is in London so all our 2012 auctions will be at the spectacular River Room, Glaziers Hall, close to London Bridge tube station. This means far greater exposure for our client’s properties to both private and corporate investors.
I made the decision that I didn’t just want to be another local auction house because at the moment they are really struggling to get property on their books. This has a real knock on effect because they are accepting property that is not well priced for auction or is simply the wrong sort of property for auction. This results in having a low sales percentage, which in turn means that less people want to put their properties with them.
We don’t have the pressure of finding, for example, eight lots to go to auction. If we only have two suitable properties, that is fine as they are joining the national catalogue. This means we can be very icky about what sort of properties we send to auction and only send the ones that are priced really well and will attract investors immediately. Around here, the average independent auction house is only achieving 50 or low 60% sales success where we are achieving 88% success because we can afford to price the properties correctly as they are going to be exposed to a wide audience. Independent auction houses are now taking on properties that would be better off sold through an estate agent because they need to fill their books. We tell about 50% of sellers that their property would be better off sold through an estate agent so we only represent the best auction house property.”
Kirkman goes on to explain that in essence it is like they are multiplying their efforts by 24 (the number of other auction houses in the group) so they can really afford to be picky giving them great sales percentage which is really all potential sellers are interested in.
“If auction houses fail to sell their lots, investors soon lose interest and stop using their services,” Kirkman says.
The local knowledge that Tudor Estates has combined with national and corporate coverage offered by Network Auctions is what keeps the buyer coming back for more.
“Being part of the network also exposes our property to corporate investors which is something that independent houses struggle with, “ concludes Kirkman.Saturday 12 May 2012
Our May auction held at our new Central London auction room at the Glaziers Hall on the River Thames near London Bridge proved to be a major success.
A total of 25 lots were offered and sales were achieved on 20, making an 80% success rate with £4.885 million being generated.
The opening lot got the auction off to a great start when lively bidding saw it achieve £430,000, some £105,000 over its guide price.
Two lots were sold at over £1 million each, demonstrating that an auction is not just an appropriate method of sale for lower end property.
The benefit of our national network of agents was ably demonstrated with the sale of a property in Northampton.
The initial enquiry was handled by Lane and Holmes in Bedford with the local marketing being managed by Horts in Northampton and a sale being arranged in the auction room in Central London. The price of £250,000 achieved was also £55,000 over the guide price.
Network Auctions Director Toby Limbrick said: “The sale in Northampton showed the power and value of our network with two of our partner agents working closely alongside each other and ourselves in delivering a first class service and result for the client.”
Speaking immediately after the auction, auctioneer and Network Auctions Director Guy Charrison was delighted with the sale saying: “We had several lots where we had a number of bidders both in the room and on the telephone. This creates a great atmosphere and some excellent sales were made.
Crucially, at our auctions, contracts are exchanged when the gavel falls and a binding sale is created.
This is important and sets auctions apart as a great method of sale. One of the lots auctioned today was brought to the market just three weeks ago and has today been sold on a binding contract. Great news for everyone involved.”
Our next auction will be on July 4th at the Glaziers Hall and starting at 1pm.Thursday 10 May 2012
Network Auctions were Highly Commended and Runners Up in the Association/Affinity/Marketing Category at the inaugural Property Drum B2B Awards held at the London Lancaster Hotel on 1st May 2012.Wednesday 2 May 2012
A new national event for estate agents and letting agents is to feature a ‘must attend’ forum on auctions – aimed at any agent who wants to explore a new income channel. Chaired by David Sandeman, founder and managing director of Essential Information Group, it will look at auction business opportunities for estate agents. The Read moreWednesday 28 March 2012
Network Auctions offer auction advice. The next auction being held by Network Auctions is being held at their national auction room at The Glaziers Hall overlooking the River Thames in Central London on 3rd May at 1pm. The May auction follows a successful move to Central London earlier in the year and we Read moreMonday 19 March 2012
Network Auctions recently held their first partner agent conference at their new Central London auction venue, Glaziers Hall on the River Thames next to London Bridge. Auctioneer and Director Guy Charrison (current Chairman of NAVA) chaired the morning’s programme which was attended by over 40 representatives from Network Auctions partner agents across the UK. Read moreTuesday 13 March 2012
Glaziers Hall on the River Thames in Central London The next auction being held by Network Auctions is being held at their new national auction room at The Glaziers Hall overlooking the River Thames in Central London on 7th March at 1pm. The March auction is the first Network Auctions auction of 2012 and Read moreThursday 16 February 2012