Pattinson has become the latest auctioneer to launch a free service to landlords.
The North East-based firm is following in the footsteps of US repossessions giant Real Estate Disposition Corporation and dropping its charge to sellers in favour of a buyer’s commission.
At its auctions on 21 April and 19 May – at the New Connaught Rooms in Covent Garden, WC1 – Pattinson will forgo the traditional
Auctioneer Richard Francis said: “Removing the financial barrier for sellers has enabled us to bring more properties to the market, giving buyers greater choice.”
Pattinson will offer as many as 400 lots both conditionally (sold with a non-refundable £3,000 deposit, with 28 days to complete) and unconditionally at the two auctions.
The free service to sellers has been criticised by some in the industry who fear it will reduce the amount that buyers are willing to pay (14 March, p19).
Francis said: “The emphasis is on us getting a good result that costs the vendor nothing. It could be said that this suppresses prices, but it can be argued both ways, since the vendor would normally pay around 3% on top of their costs.”
