Big property firm reports 30% increase in online auction sales
Fisher German says online auctions produce more certainty for vendors and that their popularity as a viable option to sell property is increasing.
Fisher German has seen total transactions on its online auctions platform rise by 30% in the last year as the convenience of selling property by the click of a button becomes more attractive.
The property consultancy covers residential property, commercial property, and land and recent successes include a Snowdonia cottage selling for significantly above the initial price at £425,000; a Sandbach office block being sold after 81 bids for £526,500 and a 2.6-acre patch of land in Kelsall going for two-and-a-half times its initial price.
COMPROMISED
Tom Dennes, Head of Auctions at Fisher German, says: “Traditionally, auctions were often the domain of vendors trying to move property that was not appealing to a wide market or compromised – odd bits of land, houses which needed total renovation and not mortgageable, or old commercial stock.
“However, their popularity as a viable option to sell property, rather than a last resort, has grown now that auctions are online and we have a very efficient platform.”
Dennes reckons online auctions produce more certainty for vendors as traditionally a typical sale takes around four months between agreeing on a sale and exchanging.
Buyers at online auctions are funded cash buyers, he says, so once the timer reaches zero that is the legally binding exchange of contracts and the sale can complete quickly.
And he adds: “We are seeing an average sale price 30% higher than originally listed with some exceptional results.”
SNIPED
“Once the reserve price is bid, subsequent bids push back the clock by five minutes so no one is ‘sniped’ at the very end.
“While the traditional method of selling property or land through private treaty will still be preferred by most people it is great to see more and more people see the benefits of online auctions and we expect this popularity to continue.”
The Neg revealed on Monday how estate agents sold a record number of properties via auction during April to June according to latest data from Iamproperty’s Q2 Online Auction Index.
