Buying a property at online auction is like doing a grocery shop, says auctioneer

Network Auctions’ latest online sale shows bidders are still hungry for property deals and willing to put their money where their mouse is! The latest sale, held online 9th September 2021, recorded a 92% success rate with £4.5 million raised.

Toby Limbrick, auctioneer, said, ‘Buying property via online auctions has become as easy as ordering your groceries on the net.’

‘Our results speak for themselves, we sold a two-bedroom house in Aston, Birmingham, guided at £100,000 for £133,000. This had previously been on the open market with two failed sales at £132,000.’

‘Ground rents are showing their resilience and popularity – despite the threat of looming government leasehold reform. We sold 10 of the 11 ground rents offered at today’s sale. Investors are looking for creative angles. One of the ground rents sold was in Sandbanks Road, a prime position and benefiting from views of the harbour. This had an annual income of £1710, but it also had development potential. It was an extremely popular lot and sold for £154,000 against a guide of £100,000.’

‘Our star performer was a freehold mixed use development opportunity in Stoke Poges, Buckinghamshire. The property comprised ground floor offices with a two-bedroom self-contained flat above, along with a driveway and garden. The guide price was £395,000, but the opening bid started at £425,000. The final hammer price was £526,000.’

Limbrick said, ‘Investors are keen to maximise the potential from any development angle and this is translating to higher hammer prices, especially when the property is situated in a good location.’

Network Auctions next online sale is 21 October. For more information: www.networkauctions.co.uk