Introducing our 16th April Auction Sale
Welcome to our 3rd auction for 2024 with this catalogue taking us to almost 1,000 lots already offered this year. Clearly the market sentiment is far more positive than experienced in the middle to later part of 2023, with buyer confidence buoyed along by the mortgage market aggressively competing for your business regardless of what the Bank of England do with rates.
We don’t know precisely when the general election will take place, but we know it will be at some point this year and this is an important factor to consider if you are looking to purchase property right now but considering if a “wait and see” approach would be better. Having been an auctioneer at Barnard Marcus for 35 years this year, I have watched the reaction in our area of the property market over pre and post-election periods for many years. One theme has always come through in these periods – people who wait to see the outcome of an election before making a property purchase generally lose out and end up pay more after the event regardless of the outcome. Yes, in the lead up to an election the incumbent government normally tries to do all they can to invigorate a feel good factor but critically, following the election the new government always wants to steady the ship and invariably does nothing to upset the markets, not least the property market.
What normally happens therefore is a slight lull in activity before the event so prices stabilise or stay static, after the event there is a degree of re-engaging, the supply and demand factor comes into play and prices people have to pay for the same asset generally rise. In conclusion, don’t delay, engage and bid to buy today!
In fact, this is an approach that many buyers have already taken in our first two auctions this year with capital value of our sales already exceeding £63 Million.
One other point to consider is how you will engage with the auction buying process not only in the lead-up to the sale but also on the day itself. We have a huge schedule of open house viewings with agents throughout the country providing you the opportunity to inspect properties yourself and where appropriate, take surveys, contractors and other professionals to these viewings to provide you with advice and quotes for works etc. Take advantage of these viewings and make sure you have properly and fully inspected the lot you want to buy. Legal packs are available via this website and it is essential that you read these, understand the full contents and take appropriate and professional advice from your solicitor or conveyancer.
Finally, the lots are sold unconditionally, it is a legally binding exchange of contracts when our gavel falls on your bid so, you must have funds ready there and then to pay the deposit and financing in place (unless you are lucky enough to have cash in the bank) for completion.
Our sale is one of the only ones you can physically attend, and this is important for you to do so. Yes, you can bid online or via the telephone if you can’t make it to the sale but I would encourage you to attend. We sell all the lots in a day and unlike some auctioneers that operate an online auction only, regardless of which lot you want to bid for, we won’t make you sit and wait into the late evening before you bid, we will get the auction completed in good time! But, that’s not the most important reason to attend – being at the auction is the only way you have direct access to our experienced staff, on hand to help with any last minute questions. It is also the only way you can experience the buzz and excitement of an auction and you can see face to face who you are actually competing with to buy the lot you want!
So, given this is likely to be one of the most expensive items you buy, given for many it is the most important decision you make and, given this purchase is one that you may well live in for years or hold as a significant part of your pension, why would you risk all of that to an internet connection or mobile phone signal? Come to the sale - it’s a lot of fun!
In the lead up to the sale my teams throughout our various auction centres are here to help with your enquiries and get you ready to bid and buy. On the day, we look forward to welcoming you to The Grand Connaught Rooms and as always, wish you the very best of luck with your bidding!
