Auction House Sussex is seeing more and more evidence of regional property auctions outshining the national residential property market. The company is enjoying continuous growth in sales figures even at a time of massive instability in the market as a whole. Auctioneer, Nick Muston FRICS commented on this: “These results strengthen the case for regional auctions at a time when the residential market is struggling”.
Regional property auctions are providing reassurance in the property world. Despite the combined effect of the stamp duty surcharge and reducing tax relief on Buy-to-Let mortgages coupled with increasing uncertainty ahead of the EU referendum, sales figures for Auction House Sussex as well as regional Auction House branches around the country are soaring.
These figures also highlight the importance and value of local stock being sold to local buyers through nearby auction rooms. Nick explained: “Our most recent sale in Sussex included an assortment of thirteen properties some of which were in a run-down state or being sold by liquidators. The properties included a historic building of worship built in the mid-19th century and a 4-bed family home said to have been damaged by a 500lb German bomb in March 1943. Ten of the properties sold, either on or above their guide price, to local investors and homebuyers”.
Nick went on to explain that these are examples of cases where urgency and opportunity favoured a local auction as the best method of sale. The best prices were achieved due to the local knowledge of the auctioneers and extensive database of buyers on their registers, together with effective promotion across the area.
“In the coming months, local portfolios and individual lots in other parts of the country will come to market as investor landlords adjust their future plans, and unpredictable circumstances bring about the sale of unmortgageable properties. Regional auction rooms are without doubt best placed to deliver quality results on such stock.”
Austin Gray are an experienced, multi-disciplinary property firm who have been holding auctions for over 30 years. We have teamed up with Auction House Sussex to expand our coverage across Sussex and nationally. For more information about our property auctions don’t hesitate to phone us on 01273 201980 or email us at auctions@austingray.co.uk.