When it comes to looking for their next home would-be buyers’ first port of call is normally a search on one, or more, of the UK’s leading property portals. And when this doesn’t throw up the abode of their dreams their plan b could involve anything from pounding the streets of their local area looking out for ‘for sale’ signs to putting a shout out on their local community Facebook group.
And now it’s been revealed that the nation’s buyers are turning to another valuable resource when it comes to their hunt for a place to call home.
Manchester business Landwood Property Auctions hosts weekly online property auctions – the only UK firm to do so – and has seen a massive 800 per cent rise in the number of transactions completed on the site from January to July.
And in more impressive figures, the site has also witnessed a 46 per cent climb in the number of properties sold via online auctions in the first five months of 2019 compared to the same period last year.
In addition, they sold 18 properties in August with a total sales value of £1.483m with the range of properties including penthouses, farmhouses, terraces and everything in between from the Shetland Islands to Southern England.
Current lots listed on the site start from a guide price of little as £18,000, and potential buyers are also able to join in the auction from wherever they are in the country by registering for remote bidding.
Kate Lay, director of Landwood Property Auctions, explains: ‘Sellers need to see momentum and proof of success and that’s why from the start of this year, it’s really taken off.
‘The average amount of time it takes to sell a property through traditional methods is 62 days – but through Landwood’s online auctions it’s just 14 days.
‘Sellers – and buyers – have all the expertise, experience and benefits of an estate agent, but the whole process is much quicker and more convenient.
‘We have dealt with everything this year from a city centre penthouse in Manchester, to a farmhouse in Gwent, a holiday home in the Shetland Isles and a former care home in Cumbia.’
She went on to reveal that it’s not just larger lots that are piquing buyers’ interest, giving the example of smaller, lower-priced lots, such 1259 Warwick Road, Birmingham, which attracted 103 bids.
Continuing to outline the site’s growing appeal she added: ‘Bidders love the convenience of the online bidding process, with it being so easy to partake. They also benefit from a very transparent platform that shows exactly how many people they are up against.’
Here are just some of the properties currently available on the site and being auctioned today (September 4th):
Flat 4, 21 Florence Road, Bournemouth
This two-bedroom ground floor flat is in need of refurbishment. Located in Boscombe it’s within walking distance of the beach and town centre amenities. You can see this property’s details here.
5 Village Court, Craigavon, County Armagh – £120,000 Guide Price
This three-storey four bedroom mid town house is situated close to village shops and benefits from double glazing and an oil fired central heating system (not tested). You can see this property’s details here.
2 Eldefield, Letchworth Garden City – £210,000 Guide Price
This three bedroom semi detached home is in need of some improvement, benefits from double glazing and central heating (not tested) and has good transport links via the A1M and railway. You can see this property’s details here.
For September the firm has a total of 54 properties being offered already with entries still being received for our 18th and 25th September auctions.
Would you consider buying a home this way?