The market is still strong in the North while prices are adjusting in the South, according to Countrywide Property Auctions after its recent roadshow.
Auctioneer Mark Tanton said he was pleased with the overall 71% success rate at the auctions in Glasgow, London, Birmingham, Manchester and Leeds, yielding total sales of more than £5.8m. But he added that there were big regional differences.
“The best market is Scotland, where we had only a couple of unsold lots, one of which is already under offer,” he said. “Scotland has not felt what is being felt in the rest of the country.” The result was also helped by the fact that most of the Scottish lots were offered by corporate vendors.
In Manchester, the success rate dipped slightly to 65%, reflecting more private instructions, while Leeds remained very strong at 92%.
“The Leeds sale featured a lot of BPT lots, which all went way above expectations,” said Tanton.
After auctions in Birmingham and London, where 69% and 50% respectively of the lots sold, post-auction deals “were going through on quite a lot of properties as vendors are now reacting to the market”.
“They are prepared to negotiate if a deal is there,” said Tanton, adding that the private vendors’ “emotional attachment” gave them a different pricing mechanism to corporate vendors. “They don’t like to go ahead of the game in terms of price reductions.”
But this period of adjustment would not be long term, he added. “The market has to re-align and then we will be back on track,” he said.
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Forthcoming auctions |
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Auctioneer |
Phone |
Date held |
Auctioneer |
Phone |
Date held |
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London |
Rest of UK |
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Allsop & Co (commercial) |
020 7437 6977 |
25 Mar |
Venmore Partnership |
0151 236 6746 |
20 Mar |
|
Jones Lang LaSalle |
020 7493 6040 |
27 |
Eddisons Commercial |
0113 243 0101 |
20 |
|
Allsop & Co (residential) |
020 7494 3686 |
31 |
Fox & Sons (Brighton) |
01273 321300 |
25 |
|
FPDSavills (London) |
020 7730 0822 |
7 Apr |
Edward Mellor Auctions |
0161 230 1740 |
25 |
|
Andrews & Robertson |
020 7703 2662 |
10 |
Paul Fosh Auctions |
01633 254 044 |
26 |
|
Drivers & Norris |
020 7607 5001 |
14 |
Main & Main |
0161 491 6666 |
26 |
|
Countrywide |
0870 240 1140 |
14 |
Cooper & Tanner |
01373 831010 |
26 |
|
Barnett Ross |
0208 492 3636 |
15 |
Stephen & Co |
01934 621101 |
26 |
|
Barnard Marcus |
020 8741 9990 |
28 |
Fox & Sons (Southampton) |
023 8033 8066 |
27 |
|
Winkworth & Co |
020 8649 7255 |
29 |
Meller Braggins |
01565 632618 |
27 |
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Athawes Son & Co |
020 8992 0056 |
12 May |
DJ Keys Estate Agents |
01803 214 217 |
31 |
|
Nelson Bakewell |
020 7544 2000 |
13 |
Bigwood Birmingham |
0121 456 8800 |
2 Apr |
