Make 2023 your year to buy at auction
National Property Auction
Thursday 26th January 2023 at 10:00am
You can find the addendum for this month’s auction by taking a look at the link below.
The addendum is where you can find any last minute updates or changes to the lots on offer – it can change at any time, including on auction day itself, so if you’re bidding on Thursday, make sure to regularly check back to stay in the know.
Welcome to your first
auction catalogue of 2023
Andrew Parker
Managing Director & Auctioneer at
SDL Property Auctions
We will once again be holding monthly National Property Auctions, live streamed from our auction studio with myself and our team of auctioneers at the rostrum. We start our auction calendar on Thursday 26th January with this packed catalogue of over 165 lots for buyers up and down the country.
Whether you’re looking for a residential property, commercial and mixed use units or development land, we have a wide selection of opportunities ready for your bid.
Our auction starts with lot 1, 74 Margaret Street in West Bromwich. This spacious three bedroomed end-terrace house is already proving popular due to its well-proportioned accommodation and future potential. Requiring a full scheme of refurbishment, it would make an excellent project for a local investor or developer.
Amongst the other renovation projects we have in the auction this month is 17 Clarence Avenue in Hull, a two bedroomed mid-terrace house requiring a scheme of improvements and with potential historic fire damage.
Over in the East Midlands is 49 Kirkdale Road in South Wigston, a two bedroomed terraced property also requiring modernisation and upgrading and which would make an excellent buy to let investment once renovated.
Lot 4
- 49 Kirkdale Road, South Wigston, Leicestershire LE18 4SR
- Guide price*
- £90,000+ (plus fees)
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In Chaddesden, Derby is another two bedroomed property requiring a scheme of improvement and upgrading. 29 Hanbury Road is a traditionally built semi-detached house occupying a popular residential location with potential to extend, subject to planning consents.
If you’re searching for a property with tenants in situ then 69 Margaret Road in Walton, Liverpool will be of interest. This two bedroomed, bay fronted property is located in a popular residential location.
Located in popular Walthamstow E17 is 30 Chester Road in Waltham Forest, a freehold three bedroomed mid-terrace property in need of a cosmetic upgrade and suitable for re-sale or buy-to-let. This house has seen huge demand and viewing is highly recommended to fully appreciate its potential.
Bidders looking for something with character and charm should look at the attractively-named Sundial House in Chipping Campden. This lot has plenty of potential for conversion into apartments or a holiday let and comprises the three storey building along with ground rent and workshop, which itself could be retained, developed or removed to create a private garden.
Lot 91
- Sundial House, High Street, Chipping Campden, Gloucestershire GL55 6AG
- Guide price*
- £825,000+ (plus fees)
In Carlisle, we have the former Club XS in West Walls for sale with a guide price of £135,000+ (plus fees). This listed building extends to approx. 156.77 square metres (16,822 sq ft) over four levels and has current planning permission to convert two floors to retail units and two flats with the remainder as nightclub use. Some work has commenced and needs completing by the new purchaser.
Our next National Property Auction is on Thursday 23rd February and if you’re a landlord or you own multiple properties, you might be interested in reading our article below on the changes to the Capital Gains Tax threshold from April this year. Don’t forget, any lots sold in our January or February catalogues will complete before the end of the financial year.
You can view our full 2023 auction calendar here.
If you have any questions about any of the lots in our auction or would like to know more about the auction process, please call our friendly team on 0800 046 5454. We also have some FAQs below which might help answer any questions.
Frequently asked questions
Over the past few months we have naturally received some questions from our bidders about how the buying process works. Largely we are operating as we always have been, we’re simply not able to see you in the auction room when you bid. We’ve put together these frequently asked questions to help guide you through your auction purchase.
A reserve price is the price stated as the lowest acceptable figure by the seller. This figure is confidential between the seller and auctioneer.
No, not always. The guide is an indication given by the auctioneer. Where the guide price is a bracket figure, the reserve cannot exceed the top end of the bracket price. If the guide price is a single figure, then the reserve can be up to 10% in excess of this.
After the auction has ended one of our team will contact you to advise you of the result.
Yes, and these vary depending on the method of sale associated with the property and the country in which you are purchasing. These are listed below – please note the reservation fee does not contribute towards the purchase price. Any further additional costs, which are payable in addition to the purchase price will be included within the Special Conditions that are attached to the Contract. Therefore all prospective purchasers must inspect the legal packs thoroughly. We also strongly advise prospective purchasers to request a legal representative reviews the pack for every lot that you may wish to bid on, so that you are fully aware of any additional costs, if applicable.
England and Wales
Unconditional with Fixed Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts and pay a 10% deposit (subject to a minimum of £5,000), along with a non-refundable Buyer’s Fee. The Buyer’s Fee is £1,074, and completion must take place within 20 business days, unless the Special Conditions of Sale state otherwise.
Unconditional with Variable Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 5% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee of either 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Buyer’s Fee is subject to a minimum of £6,000. Completion must take place usually within 20 business days unless the Special Conditions of Sale state otherwise.
Conditional with Reservation Fee: On the fall of the hammer, the successful bidder will enter into a Reservation Agreement with the seller and be granted an exclusivity period of 40 business days to purchase the property (unless the Special Conditions of Sale specify a different timescale). The successful bidder must use the exclusivity period to proceed to exchange of contracts and complete the purchase. On the fall of the hammer, the successful bidder must immediately pay a non-refundable Reservation Fee of 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Reservation Fee is subject to a minimum of £6,000.
Scotland
Unconditional with Fixed Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 10% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee. The Buyer’s Fee is £1,074, and completion must take place within 20 business days, unless the Special Conditions of Sale state otherwise.
Unconditional with Variable Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 5% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee of 3.6% of the final sale price of the property, subject to a minimum of £4,000. Completion must take place usually within 20 business days unless the Special Conditions of Sale state otherwise.
Conditional with Reservation Fee: On the fall of the hammer, the successful bidder will enter into a Reservation Agreement with the seller and be granted an exclusivity period of 40 business days to purchase the property (unless the Special Conditions of Sale specify a different timescale). The successful bidder must use the exclusivity period to proceed to exchange of contracts and complete the purchase. On the fall of the hammer, the successful bidder must immediately pay a non-refundable Reservation Fee of 3.6% of the final sale price of the property, subject to a minimum of £4,000.
There are a number of options when selling by auction which can include paying no fees at all and having the buyer an additional fee instead.This is often an attractive option when you are selling due to a bereavement or a divorce and you have limited cash prior to the auction to fund the sale. Alternatively as a seller you can pay an initial fee and commission price for the sale of the property, meaning the buyer doesn’t have to pay anything extra, maximising the final sale price of the property
Regardless of which auction route is selected, there are solicitor fees to prepare the legal pack for your property, which typically costs around £350 to £500. After your home is sold, you will also need to instruct a solicitor for the conveyancing of the property, which can cost anywhere from £450 to £750.
Yes, if a reserve price is not met during the bidding process, then the lot will not sell. We continue to market our unsold properties after the auction and if a post-auction sale is agreed it will be carried out under auction conditions.
Bidding registration
Bidding registration closes at 5pm the day before the auction.
Registering to bid in one of our National Property Auctions is quick, easy and painless. By completing our online form, you can register for bidding online, on the phone and by proxy, meaning you can bid from the comfort of your own home. There’s no need to wait for the legal pack to be completed before registering, there’s no obligation to bid on the day and there’s no money taken prior to bidding.
What the changes to the Capital Gains Tax allowance mean for you
If you’re a landlord or second home owner, you won’t have failed to notice a forthcoming change to the Capital Gains Tax allowance announced in the Autumn Statement towards the end of last year.
Chancellor Jeremy Hunt announced that the current allowance of £12,300 is being halved to £6,000 from April 2023 and then cut again to £3,000 from April 2024. That could mean an increased tax bill for many property owners planning to sell this year, but what can you do about it? We’ve taken some time to review the changes and here’s our summary of what’s happening.
What is Capital Gains Tax?
Gov.uk describes Capital Gains Tax as a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. So, if you bought a painting for £5,000 and sold it later for £25,000, you’ve made a gain of £20,000 (£25,000 minus £5,000).
An asset in this case could be, but isn’t limited to, things like personal possessions, a second home or shares that aren’t within an ISA. Therefore, those who own or are planning to sell a second home, will be required to pay Capital Gains Tax.
If you’re a higher rate taxpayer you’ll pay 28% on any gains from residential property. If you’re a basic rate taxpayer the rate changes depending on the size of the gain; you’ll pay 18% on residential property if it’s within the basic income tax band (£37,700 for the 2021 to 2022 tax year) or 28% if it’s higher.
The rules are different for trustees and businesses and you can find the full details on the gov.uk website.
What does it mean for me?
So how does this specifically affect property owners? Let’s look at an example.
If you own a property purchased for £200,000 and you sold it for £250,000, your ‘gain’ would be £50,000. That would mean your current taxable income for that property would be £37,700 (£50,000 minus £12,300 = £37,700) and you would currently pay £6,786 in CGT for a basic rate tax payer. However, in the next tax year your taxable income of the same property would be £44,000 taking your CGT tax bill to £7,920.
In summary, if you are looking to sell a property this year then it is advised to sell quickly and get the sale completed before the end of the current tax year at the end of March 2023.
Getting a quick sale by auction
With completion times on the open market taking up to six months and with the risk of fall throughs at any point, auction is the best method for securing a secure sale. By selling in an auction you get a legal binding contract on the fall of the hammer with a fixed completion set for only 30 days later. That means if you sell in January or February, you can hand over the keys and have the proceeds in your account before the end of March.
Auctions aren’t only limited to run down properties or those in need of repair, all types of property can sell by auction including vacant or tenanted residential properties, development land, mixed use units and commercial opportunities.
In a time of economic uncertainty, and with these tax changes hitting hard for those with multiple properties, now is a great time to get a great price with a sale by auction.
Selling with SDL Property Auctions
SDL Property Auctions is the UK’s most successful live-streamed auctioneer, selling hundreds of residential, commercial and development land lots every month for private individuals and corporate clients looking for a fast, hassle-free sale.
We offer several different ways in which our customers can buy and sell properties with us:
- Our Auction Events are broadcast online from our head office auction studio with a live auctioneer at the rostrum and are open to remote telephone, online and proxy bidding.
- We hold Timed Auctions on our website every day of the year, starting at a time suitable to the seller. With all lots open to bidding 24/7, buyers can click and immediately place their bids at a time to suit them.
Blending professional advice, traditional auction experience and modern technology, our team of auction experts recommend the best sales method to suit our clients and guarantee the maximum value for all properties, regardless of type.
Remember to tune in!
Our Auction Events are broadcast online, live from our auction studio in Nottingham.
It’s really easy to tune in and watch on the day. The auction begins at 10am and will run throughout the day, with our each of our auctioneers taking to the rostrum. Simply visit our website where you’ll be able find a link to the auction on the day or follow the link below!
Our buyers terms
If you’re planning on bidding at auction, it’s really important that you do your due diligence prior to the auction – part of which is reading our buyers terms which you can find below. Make sure to read them in full to ensure you’re prepared to bid.
Guide to additional fees
Important notice relating to fees, costs and charges payable by the buyer in addition to the purchase price.
In addition to the purchase price, buyers may be required to pay additional fees, costs and charges. These may include, but are not limited to, Value Added Tax (VAT), Stamp Duty, ground rents, rent arrears/apportionment of rent, outstanding service charges, sellers search costs/disbursements, reimbursements of sellers solicitors, auctioneer costs or reservation fees. All prospective buyers are advised to inspect the legal documents including the contract and special conditions of sale and seek their own independent legal advice as to the full cost of purchasing a specific property.
Homes under the Hammer
If you’re successful in this month’s auction, you could take part!
The hit TV show Homes under the Hammer are always looking for properties to feature in upcoming episodes. If you’re interested in taking part in the programme or would like any information about what is involved in taking part please contact Vaila Walterson on 07814 079910 or Calum Thomson on 07966 167076 or alternatively click below to contact them via email.
Legal Packs
We recommend reading the legal pack prior to the auction, to make sure you’re aware of all the information before bidding.
It’s really important that you take a thorough look through the legal pack for the property you’re interested in buying before placing a bid, as they lots of important information regarding your purchase. We recommend going through the pack with your solicitor prior to the auction. To view the legal pack for a property you’re interested in, simply click through to the lot using the list linked below, and select ‘legal pack’ on the right-hand panel.
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