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The increase in popularity of buying property via online auction has been boosted by confidence in the platform and a desire for an alternative buying method. Online auctions retain all the advantages of a conventional auction, such as competitive bidding, with the added benefits of running 24/7 and providing flexibility for both buyers and sellers. Buyers prefer to bid in a less pressurised environment, such as their own home or workplace, without the added cost and inconvenience of travelling to an auction room. Of course, as is common with all auctions, certainty to both parties is assured with a legally binding contract occurring at the end.
There are currently nine properties live and due to end soon on the Stags Online Auction platform, with others starting in the next few weeks.
Amongst these lots is The Old Gate House at Chittlehamholt, a three-bedroom detached property in a very sought-after North Devon village. The property requires improvement and modernisation throughout and is creating a vast amount of interest as expected. With the auction due to close at the end of August, it is certainly “one to watch”.
The imbalance between excess demand for property and constrained supply will continue to dominate, creating favourable conditions for sellers who are quick off the mark. 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 alternative selling methods.
If you are considering a sale of your home and would like to know if it is suitable for an online auction, please contact any of our offices or email propertyauctions@stags.co.uk where our experts can talk you through the process and discuss the best method of sale for your property.
