The changing landscape of auction sales is attracting a new generation of investors, says Richard Reed, Head of Property at John Pye Auctions.
An increase in the number of affordable properties coming to market and the growing power of the digital property market is giving rise to a new breed of buyers.
Richard Reed, Head of Property at John Pye Property, says that the idea of a “stereotypical” property investor is no longer accurate, with innovations in technology opening up the market to an entirely new audience.
He said, “With the emergence of the online property market and an ever-growing variety of properties that are suitable for buy-to-let, investors in 2018 are digitally savvy and prepared to think outside the box when making their purchase.”
One such investor is Ashley Dawn of Starling Investors, who started her investment journey in 2017 and focuses on properties in South Yorkshire. She said, “Property investors welcome as many different ways of buying houses as possible. Online auctions are certainly a step in the right direction and help keep property investing up to date with modern technologies.”
Ashley has used a mixed property strategy and took to investing as a way to give her the passive income to be more financially free and spend more time on her other passions, such as travelling and farming.
“There used to be a ‘typical property investor’, but that demographic doesn’t appear to be so dominant now. At networking events, I meet families, couples, single parents and teenagers straight out of college, so it really is varied.”
A recent survey by John Pye Property found most investors see a positive picture of the market, with 62 per cent of the respondents noting an increase in the number of affordable properties available.
Richard added, “The growth of the online property market is playing a huge part in auction sales. Our monthly auctions have generated millions of pounds in sales since 2013, with successful bidders from across the UK and around the globe.”