Auction gives a good view of the changing market

Monday, July 11, 2011

Network Auctions' auction held at Hatfield House on 6^th July demonstrated the changing face of theUK property market. The 45% success rate on the day was in stark contrast to the national auctioneers four previous sales since November 2010 which had produced an average 77% success.

Twenty nine lots were on offer and whilst thirteen were sold, the bidding on the day showed a clear gap between seller's expectations and a growing cautiousness amongst buyers.

Twenty five of the lots attracted bidding and offers but often the level fell just short of the reserves set by the sellers, resulting in several lots going unsold in the room. Subsequent negotiations have however concluded transactions on several lots.

One of the highlights of the auction was the sale of a freehold shop in High Street, Bushey, Hertfordshire where auctioneer Guy Charrison worked the room hard to get bidding underway and ended with a flourish as bidding rose dramatically almost as the hammer fell. The property eventually sold for £236,000, over £40,000 above the guide price.

Uniquely, the auction was broadcast live on the Network Auctions website and results were posted live on Twitter.

Auctioneer Guy Charrison, who is also Chairman of NAVA (National Association of Valuers and Auctioneers) said: "This auction proved to be one of the toughest I have held for many years with a clear reluctance amongst bidders to pay anything other than a level that they had set in their minds at the outset. We have worked hard to secure sales for those clients whose properties did not sell on the day and are focused on achieving excellent results at our next sale in September."