Introducing our 15th November Auction Sale
This Auction again offers a huge choice from a variety of lots throughout the country with over 200 lots for you to choose from. Again we shall be back at The Grand Connaught Rooms for this sale enabling buyers that enjoy the buzz of an auction room and the opportunity to actually see the bids. In fact, we have now held two live auctions and provided all attendees an exceptional level of covid protection. We remain the only major national auctioneer to return to a venue, part of our proud heritage of providing service and solutions to our clients where other auctioneers lack such innovation.
As I write this introduction we have just had the budget and to be honest, there was not much content that directly relates to the UK property market.
There is one issue drawing ever closer on the horizon and that’s interest rates. Regular readers of our catalogues will know that this is one of my “pet” subjects but, my much forecast “buy now while money is cheap” is never so important. Even though we haven’t yet seen a change in the Bank of England rates, I received an alert today. One major High Street bank offering a five year fix rate at 1.12% has just withdrawn the rate and offered on the same product at a new rate of 1.57%. Yes, this is still very cheap and for those that remember BofE rates at some 15%, still appears to be, and is, a great rate. However, it does indicate the direction of travel. To put this in context, the interest cost on a £200,000 loan on the 1.12% deal would have been £2,240 per annum, now, on the same deal but with the new rate those costs have risen to £3,140 – a real terms increase of 40% and that is without any rate rise by the BofE.
The good news is that cheap mortgage deals remain available and if this was ever a reason to buy now, I personally can’t think of a better one!
So consider this as you leaf through the catalogue, but please don’t get carried away. Make sure you do all your due diligence and make sure you get professional advice especially from a solicitor to check through the legal pack, as when you bid, you are bidding to buy.
You would be amazed at the number of buyers who spend very significant amounts of money at the auction without any legal advice and on many occasions, without even seeing the property! That doesn’t necessarily mean there will be an issue but you exchange contracts on the fall of the gavel, so make sure you know the content of the contract you are entering into.
We are keen to meet you at the auction and in fact, from our last two sales, bidders that attend the sale rather than bidding from home online seem to be the winners. In the lead up to the sale we are here to assist with all your enquiries so please give us a call or drop us an email and we’ll come back to you very quickly.
In the meantime, I hope you enjoy reading through this catalogue and we look forward to seeing you at The Grand Connaught Rooms on Monday 15th November.
Wishing you the best of luck with your bidding!
