Fine & Country is to offer auction sales options to vendors in its 200 offices from next year.
“The modern method of auction is no longer reserved for homes at the bottom end of the market" explains David Lindley, chief executive of Fine & Country, which shares a parent company with the Guild of Property Professionals.
"Some of our sellers need to move quickly, so Fine & Country Auctions is a great option for them. For others, selling at auction can achieve a price higher than they expected. It is certainly a great option to give to our clients” he adds.
The full roll-out will begin in 2018 but last week the first Fine & Country property to sell at auction achieved 84 per cent over its starting price of £850,000.
It was a four-bedroom detached house in Kent which attracted 21 viewings and 34 bids, selling for £1.562m.
The price was also a record for IAM Sold, the outsourced auction company being used by Fine & Country to manage its auction option.
IAM sold does not stage traditional auctions but instead encourages bidders in the auction room and online, and gives buyers 28 days to complete on the sale following the signing of a draft contract.