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Wed 5 October 2016
Stags auctioneers Ian Osborne and Andrew Ranson were only able to offer 5 lots on the afternoon of the sale as 3 had been sold prior to the auction. Andrew Ranson said “We sold all 8 lots marketed, with some of the lots achieving some very pleasing results at considerably above expectations. Clearly the number of people who attended the auction demonstrates the popularity and levels of interest that can be generated by property auctions. Whilst Stags generally like to offer every lot that is marketed for auction to the whole room, there are some occasions when vendors prefer to sell prior to the auction if they have received a tempting offer”.
One of the highlights of the auction was the building plot adjacent to Hustyn House near St Breock which was marketed with a guide of £200,000 - £225,000. A complication over the access generated some last minute questions, particularly from one potential purchaser, but buyers were obviously suitably reassured as the property went on to make £43,000 above the top end of the guide range after strong bidding from 3 or 4 different bidders. Please see Stags’ website for full details of all the auction results.
Stags’ and other auction results across the South West appear to be bucking the National trend. Industry analysts EIG state in their monthly auction update: “Nationally: the number of lots offered and lots sold both fell by 6% and 8.5% respectively last month, whilst the overall amount raised fell by £36M (down 8.4%). However, in the Southwest: the number of lots offered increased 5.7%. Lots sold increased by 0.9% but the overall amount raised still fell by 17.7% (£17M).”
Andrew Ranson goes on to point out that, “Selling at auction is not for everyone nor indeed for every property but for those who choose this route, it can be rewarding and regularly leads to higher than expected sale prices. Perhaps just as important is the advantage of securing a legally binding deal at the fall of the hammer.”
He adds, “Whilst some vendors may instinctively be nervous about selling their property by auction, good advice from an experienced firm of auctioneers can minimise perceived risks and vendors are always protected by setting a reserve prior to the auction. Over the years Stags have auctioned a lot of properties for executives, charities and public bodies, all of whom value the transparency of an auction in demonstrating that the best price has been achieved. Stags have been running property auctions for over a Century and last year in Cornwall and along the Devon borders, of the 28 properties offered by auction, 2 sold before the auction, 24 sold in the room and only 2 failed to sell on the night but were sold subsequently.”
For confidential advice on whether your property might suit a public auction sale, please contact Auctioneer and Farm Agent, Andrew Ranson on 01872 264488.