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Stuart Collar-Brown

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my expertise in the industry

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I agree with the point that if an auction lot doesn't sell, there is a black mark against it Trevor - this is a huge problem in my opinion with the 0% commission model many of the online auction platforms offer because agents are incentivised by the auction houses to put as many properties to auction as possible - even if they aren't suitable with no thought for the seller's ongoing ability to sell so this is a real problem in our industry. In terms of finance, I've only had 2 people out of 3,000+ lots that have failed to get finance on an auction lot so this is a bit of misconception of auctions - buyers just need to be organised prior to bidding and have at the very least an AIP in place and they can purchase with normal High Street lending - also, if they ever need more time to complete, they just need to ask the auctioneer as most sellers only care about the exchange of contracts and can often wait 2-3 months for the completion to give the buyers more time. Last point on auctions working in a active market but not a slow one, I've worked in auctions for the past 15 years so have experienced highs and lows in the property market and from my own personal experience auctions have been fairly consistent throughout - many of our buyers are professional property buyers so this is how they make their living - either doing up houses/flats to rent or sell and developing/building new properties for end users - this is further backed up by the average sold rate for auctions across the UK over the past 10-15 years rarely dropping below 75% so it's like any property, if its priced correctly, it should sell regardless of the market conditions

From: Stuart Collar-Brown 30 March 2022 09:32 AM

I'd agree Chris that the general perception of auctions is people looking for a "bargain" but then again, no property can be sold without achieving the seller's minimum price which they choose and you also can't control what the next person is willing to pay so the market dictates the sale price - not the auctioneer or the estate agent. In terms of maximising the asking price - this is solely dependent on what is being sold......an £800,000 auction lot just sold for £5.4m at auction so it's safe to say if that was sold via the normal private treaty route, it may not have achieved that figure.

From: Stuart Collar-Brown 30 March 2022 09:18 AM

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