August Auction Newsletter
A word from our Sales Manager, Richard Webb
As we continue to rapidly tumble through the year, July has witnessed an incredible month for our combined Partners and their associated auction results, demonstrating a 25% growth compared to the same period last year. Among these welcomed results is the increasing number of sales, resulting in mortgage buyers securing the property they desire in double quick time.
Many of our Partners are utilising the bespoke and tailored approach that we are known and respected for. Whilst setting out their desired timelines to move, simultaneously ensuring that each client can, if required, be flexible should a buyer need more time, for example to secure finance, in order to proceed.
Through our secure sale auction method, we are significantly reducing the time of completion for mortgage buyers from offer accept, to 56 days maximum, and in most cases 28 days! As opposed to selling through Private Treaty, where conveyancing timelines are delaying completions in many cases to 4 and 5 months. With our auction service, both a purchaser and seller can complete on a transaction in a fraction of the time to what is typically expected on the open market, whilst our Partners are paid much quicker, upon exchange.
Bridging is also becoming a more popular and viable option for purchasers, to ensure they do not miss out on any auction lot they have identified as a possible purchase. Here at Pattinson Auction we work with a number of auction finance specialists who are on hand to assist a potential auction purchaser.
An update from Paul Waters - Valuations Team Manager
Heading into the latter 6 months of the year, it’s clear that our auction service continues to provide a secure and speedy sale option for our clients. Not just for those who need a quick sale, but also for those who require security when their previous sale has fallen through on the open market, due to buyers not being able to proceed for various reasons, auction can also work for them.
With our ever-growing number of Partner Agent’s, we are seeing the number of sellers we speak to daily following that growth. This is hugely positive for B2B relations, but also shows that auction is proving to be an enticing choice for sellers, giving them the stability they need, during what may be seen as an unstable time.
The Valuations Team at Pattinson Auction strive to provide the much needed information to sellers to ensure that they are aware of all the benefits of auction including the biggest bonus … Selling For Free!
As we see auction listings increase, we continue to witness the market help people move on to pastures new. Whether that is moving closer to family, and even in one case, move back to Mauritius!
Auction can work for EVERYONE, and there is usually a unique story attached to every seller. Along with our valued Partner Agents, finding the best method of selling that ensures our clients fulfil their requirements, is something we will continue to do, and do well!
Update brought to you by Kashif Awan - BDM London
Online auction continues to revolutionise the way properties are bought and sold, offering a host of benefits. Firstly, they provide a broader reach, allowing properties to be showcased to a wider audience, maximising exposure, and potentially driving higher bids.
At Pattinson Auction, our unique Auction platform also fosters convenience, enabling participants to engage from anywhere, and thus eliminating geographical constraints. Transparency is another huge advantage, as real-time bidding and instant updates ensure a fair and open process. Additionally, online auctions often lead to quicker transactions, reducing the time a property sits on the market. Embracing technology, our online auctions streamline the property experience, offering efficiency, broader engagement, security and speed.
Entering into Q3, despite challenges within the marketplace with recent interest rate rises, we have seen a steady increase in auction sales, predominantly from motivated sellers where a traditional private treaty option may not be the best-case scenario, if they wish to benefit from the speed and security that our online auction provision offers via our unique network of partner agents.
Auctions are proving to be a successful and viable option of property sale, especially in the current unstable market conditions. And because of this fact, we are continuing to witness growth within our network of partner agents, with more estate agents now receptive to utilising an auction provision than ever before, and we expect this trend to continue into Q3 and beyond.
