2nd March 2021
Auction properties sold for estate agents doubles in a year
After another successful National Property Auction brought February to a triumphant close, SDL Property Auctions has revealed that the number of properties sold in partnership with estate agents has doubled year on year.
The news reflects a growing trend of estate agents working in partnership with the auctioneer rather than in direct competition – which managing director and auctioneer Andrew Parker says is a win-win situation for all parties.
He said: “Buyers, sellers and agents all benefit from the speed, transparency and certainty of auctions. From an agent’s point of view, it means they can turn properties around much more quickly than on the open market, reduce the risk of the sale falling through to almost zero – and don’t need to wait months to get paid.”
Since February 2020 – the last full month before the pandemic began to impact the property market – SDL Property Auctions has also seen an increase of 220% being paid out to estate agent partners. Agents receive this income within seven days of a sale being agreed.
Growth has been experienced across the board for the auctioneer, which raised £23.7 million for sellers in February, representing a 27% increase year on year.
Andrew says this growth – and particularly the growth in the company’s estate agent partner division – is due to the company’s commitment to keeping the property market moving throughout the pandemic. Since the crisis began, SDL Property Auctions has run an uninterrupted auctions schedule, operating safely during lockdowns and helping estate agents keep income flowing during a challenging year.
Andrew added: “We are proud to continue to offer a full range of auctions to our sellers and have kept our Auction Events running by live-streaming them from our head office auction studio alongside our daily Timed Auctions. This enables us to accept telephone bids, providing that all-important human element and keeping auctions accessible to everyone, including first-time auction buyers, people who are uncomfortable with technology and those with an unstable internet connection.”
February’s live-streamed National Property Auction continued well into the evening as Andrew and fellow auctioneer Rory Daly worked their way through a bumper catalogue of more than 200 commercial and residential lots.
Among the properties sold under the hammer was a bay-fronted three bedroomed terrace, sold in partnership with Priya Properties. 48 Harrow Road, which is close to DeMontfort University as well as parks, shops and restaurants, would make an ideal family home or rental property and is currently tenanted at £585 per calendar month. It sold for £165,000 from a *guide price of £135,000+.
Andrew said: “Many people believe auction properties are sold at discounted prices but this is just one example which dispels that myth. Our aim is to generate interest in the property to attract competitive bidding to drive up the price.”
In Manchester, 9 Crab Lane in Blackley was sold in partnership with Aubrey Lee for £70,000 from a guide price of £65,000+. The two bedroomed end-terrace has a potential rental income of £625, making it an excellent high yielding investment.
There was a wide range of commercial lots sold, too, including another Aubrey Lee lot; a distinctive art deco commercial property in Liverpool. 69 Ormskirk Road in Aintree comprises three self-contained units, which are part-let and currently producing an annual income of £25,764. Situated in a well-established and popular industrial location with high-profile neighbours including Wickes, Howdens, Wren Kitchens and B&Q. It sold for its guide price of £400,000.
Andrew added: “It was an exciting day on the rostrum providing a fantastic finale to an outstanding February, which saw us achieve excellent results both in the Auction Event and in our Timed Auctions.”
Timed Auctions allow sellers to set their own timetable, with the option to end the auction early if they require an even faster sale. Among the properties which sold this way in February was 113 Cowley Road in Mortlake, London, a first-floor maisonette which sold in just seven days, achieving £314,000 from a guide price of £300,000+. Requiring some modernisation, the property – sold in partnership with Chestertons East Sheen – has a front reception room, kitchen diner and three bedrooms, with the potential to extend into the loft, subject to the necessary permissions from the freeholder and local planning authority.
SDL Property Auctions, the UK’s most successful live-streamed auctioneer, holds monthly live-streamed National Property Auctions on the last Thursday of each month, live-streamed from its head office auction studio with remote bidding. In addition, it holds single-lot Timed Auctions with round-the-clock bidding on its website every day and also offers Buy It Now lots.
For more information about selling a property by auction, or becoming an estate agent partner, please visit www.sdlauctions.co.ukor call the team on 0800 046 5454.