Introducing our November 2019 Auction Sale
Welcome to this, our penultimate auction sale for 2019 with our final sale of the year being held on 16th December. It certainly has been an interesting year dominated by Brexit which, as I write this forward, remains uncertain as to when or even if it will happen. Many have used this as an excuse to hold back, sit on the fence, or take a wait and see attitude. Our policy has been business as usual and no more is that demonstrated in this 220 Lot catalogue. In fact our approach has been mirrored by many buyers and sellers that are taking the view "what’s changed?"
Demand for housing remains at an all-time high, interest rates remain at an almost all time low and in fact, may well go down in the not too distant future. Unlike the majority of investment types, property is the one asset that owners can utilise as security to leverage borrowing, meaning that their cash and equity can work harder for them than if utilised in other investment types such as shares or bonds.
There is of course the view that when we come out the other side of Brexit and most likely, a General Election, those buyers sitting on the fence will engage and as with all supply and demand markets, prices will inevitably rise. For residential landlords, the much expected ban on tenant fees has now become law and quickly embedded into the market. We expected, and now are starting to see, signs of rental inflation to absorb this and a policy that from the outset was to benefit tenants, could well result in benefiting landlords who will ultimately see a higher return on their investments than originally forecast. So, lots of positive reasons to engage now, secure your purchase with an exchange of contracts at the auction and of course, complete this side of the Christmas Holiday Season.
As you page through this catalogue, whether on line or the printed version, I am sure you will agree it contains a huge array of properties. For those with deep pockets or perhaps buying for a pension fund we have the retail warehouse premises located in Braintree which is let to Wickes at £302,500 + VAT per annum, with a rent review as early as June next year and is guided at £6.5 million. Of course throughout the country we are offering a big range of residential lots through to land and a number of garages on behalf of Orbit Housing. I know all of our sellers, whether they be local authorities, private individual sellers, receivers, mortgagees or property companies selling stock surplus to their requirements, are all motivated sellers and this is reflected in their guide prices and reserve strategy.
As usual, we have a number of open house viewings scheduled for this auction, these are shown either on line or in the blue guides and viewings sheet accompanying the printed catalogue. Over the weekend this catalogue is published, the clocks go back and our afternoons are shortened. We have therefore added extra people to our viewing team to facilitate viewings during daylight hours and I would ask that you turn up for viewings at the stated time. On many occasions we have people arriving late and we cannot always accommodate viewing for late arrivals as this simply delays the entire schedule for that viewer for the rest of the day so, I would like to thank you in advance for attending our open house viewings at the stated times.
Another thing for you to consider in the lead up to the auction is to make sure you are well prepared and a prudent buyer. Apart from inspecting the lots you may wish to bid for, it is imperative that you download the legal pack and seek advice from your solicitor or conveyancer as to the content of the pack and contract. As well as your deposit, before bidding you need to have funds in place and/ or agreed for completion. Don’t forget, at the auction you are bidding to buy. On the fall of the auctioneers’ gavel you have entered a binding exchange of contracts, so now is the time to do your due diligence and arrange funding, NOT after the gavel has fallen. If you follow these very simple rules your auction experience is bound to be a great one and may well of course be profitable!
As always, we are here to help with all your questions in the lead up to the auction. If you are ready to purchase and want to make a bid prior to the auction just give us a call but remember, just because your offer may be turned down before the auction that doesn’t mean you couldn’t buy in the auction room at that level or, maybe less! Legal packs are available to download free of charge from this website where so much more information is available that we can’t fit in a printed catalogue.
We look forward to meeting you at The Grand Connaught Rooms on Monday 11th November, don’t forget to bring your identification documents and arrive in plenty of time to register to bid before the auction commences. We wish you the best of luck with your bidding on the day.