Innovative North East estate agency, Pattinson, is expanding its property
auctions into Teesside, North Yorkshire and the North West as interest in the
service soars to record levels.
In 2005, Pattinson recorded its highest ever number of properties being sold
through auction, more double that of 2003. As a result, the companys auction
division is to launch two further auctions to meet the increasing demand for
this type of sale.
Pattinson has been leading the way in property auctions in the North East for
more than a decade and for the past 12 years has held a monthly auction at
Kingston Park, Newcastle. More recently, the estate agency added a second at
Seaburn, Sunderland, and is now expanding the service further to include a
Teesside and a Cumbrian auction.
Head of auction, Richard Francis, explained: The perception of auctions has
changed completely. In the past, they were synonymous with cheap, repossessed
properties however, more and more residential sellers are now reaping the
benefits of selling this way.
Its not uncommon to find large family properties or city apartments at
auction. At a recent auction we sold a five bedroom, detached home at Rothbury
and a newly built home at Prudhoe. In both cases, the properties achieved a
substantially higher price than the vendors anticipated.
The Teesside auction will be held at The Riverside, Middlesbrough every month
and will meet the needs of property vendors in the South of the region and a
monthly Cumbrian auction will service the North West.
Pattinson is the only estate agency in the region with its own monthly auctions
and was the first to introduce the Conditional Auction concept. Designed by
Pattinson, specifically to help ordinary residential buyers and sellers, the
Conditional Auction aims to provide the seller with both speed and security. In
this type of auction the buyer pays a 1,000 non-refundable deposit following a
successful bid and exchange of contracts occurs within 28 days.
Richard is confident that interest in auctions will continue to grow as buyers
and sellers recognise the benefits of this type of sale.
There are real benefits for both buyers and sellers, said Richard. Properties
can be exchanged within 28 days, without any dreaded chains. Viewings and
surveys still take place in the same way, everything just happens a lot
faster, concluded Richard.
Sellers have the security of a reserve price and do not limit themselves to
accepting the first offer, ensuring their property is sold for the best price
possible. At the same time they know that auction purchasers are serious about
buying the property as they pay a deposit on the night providing piece of mind
to all parties.
As well as the Conditional Auction, Pattinson also offers the more traditional
Un-conditional Auction which appeals to investors and developers and regularly
attracts buyers from across the UK and abroad.
Richard said: The Un-conditional Auction attracts international investors to
the region. We get requests for sale catalogues from across the globe.
Though Richard realises that buying through auction could be a daunting task for
many, he is keen to dispel rumours that surround auctions.
He said: Many people still think that the sale room is a whirlwind of fast
talking and hammer dropping where people can bid by twitching their nose or
swatting a fly. Our auctions are slow paced and people bid clearly with
paddles. Its very relaxed and we can even provide a Pattinson representative
to sit next to first-timers to guide them through the process.
Every member of the Pattinson team in the 29 region-wide branches has been fully
trained in the auction process. This means sellers can use local agents and
dont have to go through a central office.
Pattinson, who have recently launched a new website, www.pattinson.co.uk, offers
a wide range of property services including residential and commercial sales
and letting, as well as the auction services.
Established by Keith Pattinson 25 years ago, it services the North East with 29
offices from Stockton and Middlesbrough in the south to Ashington in the north.
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