Increased Interest in Property Auctions Since Lockdown

Property auctions have experienced a surge of popularity, and it seems now that people have become sold on this way of buying and selling a house. The COVID-19 pandemic, transparent nature of online auctions and popularity of mainstream property TV programmes has been credited for the increased interest in property auction sales. 

Well-loved BBC1 daytime show 'Homes Under The Hammer' saw its ratings shoot up by 27% in the first Lockdown. The programme has showcased the ease and efficiency of the auction process and helped dispel many common misconceptions, such as auction is only for experienced, cash-rich investors. However, anyone can, infact, buy at an auction, including mortgage and first-time buyers.

Many properties were transferred to sale by online auction during Lockdown to adapt to the restrictions, which has helped make auctions more accessible to many more people.

Auctions present an opportunity for buyers and sellers to benefit as Auctions are secure, efficient and have much quicker turnarounds than traditional ways of buying or selling a home.

Stamp Duty Holiday Comes to an End

The Stamp Duty Holiday has now tapered off, as the initial rates returned on October 1 2021. Due to higher property prices because of the supply shortage and high demand spurred by the tax break, an increasing number of property sales have fallen through. A sale at auction is usually completed within four weeks, and this is much quicker than it typically takes to sell through a private treaty. Auctions can be an excellent option for buyers and sellers in the current high-pressure market accelerated by the Stamp Duty Holiday. 

Secure Sale

The sales process of auctions is a clear-cut process, and this means sellers can be assured that the best possible price has been secured for their property. To ensure your property is sold for a price you believe it's worth, you set the reserve price, which means it won't sell for less than you allow. With an auction, sellers have the peace of mind knowing a legal and binding contract has been entered once the gavel falls. And buyers can also be assured by how much quicker buying at auction takes than any other means of buying a home.

Marketing Strategy

If you're thinking of selling your property via auction, we can guarantee maximum exposure for your property. We'd promote your property via our state-of-the-art website and all leading property portals, collectively garnering over 6.5 million page views per year. We also understand the importance of social media and will promote your property on all our associated social media platforms for an even wider reach. Advertising in local and national publications, as we do, will also help bolster interest in your property.

What Next

The Government has announced a new mortgage guarantee scheme to help homebuyers get a 95% mortgage of up to £600,000 with a 5% deposit. It could mean mortgages for applicants with small deposits will become more widely available, which would be welcomed by many first-time buyers to help get their first foothold onto the property ladder.  We have many properties available to suit every buying situation, so if you choose to buy your property via auction, you can be sure of a quick, secure and hassle-free transaction. Here at Pattinson, we have over 25 years of Auction experience and can help you sell or buy your property through auction - visit pattinson.co.uk/auction, where we have hundreds of online auctions ending daily. If you require more guidance on the auction process and what it entails, be sure to contact us on 0191 737 1152 or email northeast@pattinson.co.uk