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2020 has seen the rapid growth and popularity of Online Property and Land auctions, whilst traditional in the room auctions have their place, given the current situation and need to keep everyone safe, the Online Timed Auction has provided a simple alternative. Retaining all the advantages of a conventional auction with competitive bidding, the online platform runs 24 hours a day, 7 days a week, providing buyers with flexibility and the benefit of time to organise the funds to purchase a property by auction.
Stags have seen a 100% success rate with all properties offered on our platform selling, with many well above the guide price.
The latest property to be sold online was Hackworthy Farm in Whitestone near Exeter managed by George Alder, Partner and Head of Farm Agency. The farmhouse, situated in a stunning rural location, required some modernisation. With over 73 acres and various modern farm buildings it offered the potential to create a family home surrounded by beautiful countryside. The property attracted a vast amount of interest, which led to frantic bidding starting at £710,000 with various parties battling it out, culminating in a final sale price of £1,010,000. More than £200,000 over the guide price.
In the same week we saw a further outstanding result with Woolladon near Meeth, Okehampton. A truly unique property in an idyllic rural location. The property, a 17th Century Grade II* Listed Devon Hall, had been subject to severe fire damage, leaving the farmhouse and nearby barn requiring substantial repair and restoration. Along with further barns, stunning gardens, lake and ponds this Devon Gem attracted huge interest, with over 100 interested parties. The bidding started at £200,000, and culminated in 3 parties battling it out, leading to a final sale price of £360,250.
Andrew Luxton, Partner confirms that online auctions provide flexibility, with buyers able to bid from anywhere, at any time of the day, and can do so within the comfort of their own home in a less pressurised environment. In addition, we have the options of selling either through the traditional or conditional basis providing further flexibility.
Although Christmas may be fast approaching we still have various lots due to go live online, and others due to commence in January. It is anticipated with many vendors and purchasers requiring certainty in advance of the ending of the stamp duty holiday at the end of March the on line auction process will increase in popularity.
If you are thinking of selling your property by auction, and taking advantage of the flexibility and certainty it provides get in touch with your local Stags office.