Introducing our March 2020 auction sale
Welcome to this, our 2nd Auction of 2020.
When we held our first post auction election on 15th December last year it was clear that buyers had a resurgence of confidence and commitment to purchase with much of the political uncertainty out of the way. We saw this again at our most recent auction held on 3rd February with competitive bidding throughout the day. What is however apparent is that buyers are still very focused on value for money and whilst we may well, as many expect, see property prices rise during the course of this year, we are currently just at the beginning of this upward trend.
With interest rates being so low and returns on many other forms of investment performing at their lowest levels ever, it is not surprising that property continues to outperform virtually every other asset class. If one considers the sort of returns expected from a retirement annuity it is little wonder that those approaching retirement are withdrawing funds despite tax implications. Of course those fortunate enough to have organised a SIPP are able to take real advantage of purchasing property with much better returns and, within an even more tax efficient vehicle. As with any investment you have to consider so many aspects, risk, capital growth, tax etc. etc. but, it really is worth giving this serious consideration as part of retirement planning and other investments.
For those seeking a return and capital growth, I believe the market is currently poised for an upward swing. I am not forecasting unsustainable property price inflation but when one considers the range of mortgage and other funding products available, with a reasonable level of gearing the coming year or two I am convinced will deliver some fantastic returns on capital.
Turning to this catalogue, I am delighted that hot on the heels of our February sale, we have brought to you a packed catalogue of some 230 lots. There is a huge array of stock on offer including many lots from one single housing association that are selling in order to re-invest the sale proceeds into property that is far better suited to the requirements of their tenants and those seeking rented accommodation. For investors there is a great selection of stock from small units for the first time investor through to Fairbrook Medical Centre, a purpose built facility where the rent is effectively paid by the NHS.
It is easy to get carried away in an auction room and for this reason, you must make sure you are well prepared before coming to the sale. The braver bidder may well bid and purchase a lot that they have neither seen, carried out any due diligence on or even made arrangements for completion funding. It is of course entirely your decision however, it is always our recommendation that you see any lot you may wish to bid for, arrange for your solicitor or conveyancer to advise you on the content of the legal pack and contract and finally, make sure you have funds or arrangements in place to pay not only the deposit but also, the balance at completion. Don’t forget, when you bid at an auction, you are bidding to buy and, on the fall of the auctioneers gavel you have exchanged a binding contract.
We are of course here to help with all your enquiries in the lead up to the auction. We have comprehensive buyers’ guides available on this web site where you can also download the legal packs for all lots to be offered. Again this month we have a busy schedule of open house viewings and we ask that you arrive for viewings at the time stated, we cannot delay and wait as our viewing staff have a schedule they have to stick to.
Please call or email us with any queries and, we look forward to welcoming you to the auction at The Grand Connaught Rooms on Monday 9th March. Wishing you the best of luck with your bidding.
