Covid-19 changed the property market: Now buyers are flocking to the virtual auction room

Amidst growing talk of negative house prices around the corner, Network Auctions have shown once again they’re beating the market selling 89% and raising £3.6 million.

In their 10th auction of the year, Network Auctions 1st October online only sale proved popular once again with bidders, with several of the lots being bought by owner occupiers.

Toby Limbrick, auctioneer, said ‘Covid-19 has changed the buying and selling of properties. We are starting to see increasing numbers of owner-occupiers use auction. We are confident this sales method has shown its versatility and sustainability in these difficult market conditions.’

A four-bedroom detached house in need of modernisation in Earley, Reading, attracted plenty of buyer interest with a total of 25 bids pushing the final hammer price to £443,500 against a guide of £395,000. Limbrick said, ‘There was huge interest in this lot because it was fresh to market. The property did not go on the private treaty market beforehand, but came straight to the virtual auction room for the vendor to benefit from a quick efficient sale which would produce the best result.’

Limbrick said, ‘2020 has turned into an incredible year for us. Our latest sale shows the continued strength of demand for property at our online auctions. So far in 2020 the success rate is 90% with an increase of 84% in the number of lots sold compared to last year. We know buying patterns have changed due to Covid-19 and online property auctions are well-suited to these new needs. We believe virtual auctions are here to stay.’

Network Auctions next online sale will be 5th November starting at 9am. www.networkauctions.co.uk