Homes Sold Above Guide Price at Auction

Three town centre homes sold above their guide price at FSS's auction in Harrogate this month, proving that buyers are still willing to pay for properties in prime locations.

A three bedroom semi on Harlow Avenue in Harrogate sold for more than £30K above the guide price of £220,000. This attractive home with a garage, garden and within easy walking distance of the Valley Gardens and Pinewoods, sold for £251,500.

In Ripon, a three bedroom bungalow on South Grange Road sold for £186,000 (guide price £160K) and a two bedroom duplex apartment on North Street sold for £56,500 (guide price £50K).

The appeal of an auction sale

In a challenging market, a property auction gives much needed certainty for those wanting to sell land and property.

With this method of sale, contracts are exchanged when the hammer falls and the seller can expect the money from the transaction to be in their bank account within a few weeks of the auction date.

Auctioneer Richard Smailes says: “The popularity of auction rarely falters, even when the property market is experiencing ups and downs. It can in fact become a more attractive option when the property market as a whole is fairly slow, for a number of reasons.”

If there are two or more bidders interested in the same property, as was the case for these three properties at our most recent auction, the sale price can exceed the guide by several thousand pounds – sometimes even tens of thousands.

“What’s more, contracts exchange there and then which means a seller doesn’t have to face uncertainties such as the sale falling through or a buyer renegotiating the offer,” Richard explains.

How to sell a property at auction

So, you’re considering selling at auction but don’t know where to start - or whether your property is suitable.

Richard says: “I would encourage anyone considering an auction sale to pick up the phone and give me a call. I can then arrange a convenient time to come and look at the property and recommend the best approach.”

An accurate valuation is essential and FSS has 25 years of experience in the local property market, having held its first auction at Raglan Street in 1994.

“Getting the guide price right is the secret to generating interest and creating a competitive atmosphere in the auction room, which will help to achieve the best price possible,” says Richard.