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The success and growth of Stags’ Online Property Auction platform has continued in 2022, increasing in popularity with both vendors and purchasers, especially those who require the certainty that it provides.
In the first few months of 2022, we have sold 20 properties via this platform, attracting a total of 566 bids; an average of 28 bids per lot. This confirms that the competition on each lot is strong, resulting in some notable prices.
Whilst the auction method is suited to all types of property, several lots sold this year have been land lots from throughout the region. Of note was Land at Woodway Road, Teignmouth, which sold recently and comprised 2.84 acres of gently sloping land with a timber building. After 84 bids, it sold for £229,000 off a reserve price of £135,000. Earlier in the year, Land and Summerhouse at Nadderwater, near Exeter, comprising 1.92 acres, sold after 77 bids for £150,000 off a reserve price of £85,000. This further proves that, for lots where value is often difficult to establish, the auction process is often the best method of sale.
Currently, there are nine properties live and due to end soon, with other properties coming to the market shortly.
Amongst the lots due to end soon is The Mill, 8 Chapel Street, Dulverton. This Grade II Listed collection of buildings, to include the former mill, is set within the popular Exmoor town of Dulverton. It is being sold with a guide price of £250,000 and is attracting significant interest.
Andrew Luxton MRICS FARLA, Stags Partner and Head of Online Property Auctions, confirms that we have been delighted with how the online platform continues to grow, which is likely to increase further as the property market begins to ease and vendors look for alternatives. Retaining all the advantages of a conventional auction, such as competitive bidding, it has the added benefits of running 24/7 and providing flexibility for buyers and sellers, with properties being easily listed. Buyers much prefer to bid in the less pressurised environment of their own home or workplace, especially without the added cost and inconvenience of travelling to an auction room.
For further information and advice please contact any of our offices or email propertyauctions@stags.co.uk
