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Going, going… Property Auctions team going from strength to strength

  • 10 November, 2016

Pearsons Property Auctions department has continued to thrive in a year that has seen some potentially unsettling changes for the property market, from the 3% Stamp Duty rate on properties over £125,000 to Brexit.  

Our auctions have become a regular and renowned feature of the Hampshire property market scene with the mid-week events we hold at the Hilton Hotel at the Ageas Bowl County Cricket Ground, West End, always well attended.

Our sales feature properties and land from all across the county, including the Isle of Wight. These include residential homes – such as houses, bungalows and flats – investments and buy-to-let opportunities plus commercial facilities. Note that auctions are not just for dilapidated properties, those that will be renovated or demolished and developed. No, more and more 'ready to move into' homes are making it onto our lists. That's because both sellers and buyers appreciate the benefits of doing business in this way, including the fact that contracts are exchanged at the auction and the sale has to be completed within 20 business days of that. This avoids the usual risk of chains, sales falling through and wasted time, money and hassle.

Having only launched our auction service in 2010, Pearsons already sells more properties on the Hampshire mainland than the majority of our competitors. What's more, while the national average for the number of lots actually sold on the day of an auction is around 70 – 75% of the list, our August sale resulted in 87% of the properties listed being sold, raising over £2,200.000.

Part of our auction team's success is due to them being keen to think outside the box to bring sellers and buyers together.

Steve Sprake, Director of Pearsons Property Auctions, who has over 40 years in the industry, 16 of them with Pearsons, gives an excellent example of this philosophy in practice, 'On 27th July we sold a cottage in one of the local villages at an exclusive and especially organised auction at a nearby public house. This was the only property for sale. But that didn't prevent more than 50 motivated buyers attending after well over 100 viewings prior to the event. We set the guide price at £475,000 but actually achieved £579,000 on the day. We were obviously delighted, the seller was delighted and the pub landlord was delighted having over 50 extra customers on a quiet mid-week, Wednesday morning with the bar just opened and lunch about to be served!’

To find out more about the benefits of selling or buying property through Pearsons Auctions, please just call 023 80 474 274 or visit pearsonsauctions.com.