Record-breaking number of bidders reflects surge in property demand
The nationwide surge in demand for property is being reflected in the auctions market as SDL Property Auctions reported a record-breaking number of registered bidders for its first Auction Event of the year.
The live-streamed auction continued well into the evening of Thursday 28th January as auctioneer Andrew Parker worked his way through a marathon catalogue of 180+ residential and commercial lots nationwide.
There were 2,000 people registered to bid on the lots, representing an all-time high for the auctioneer – and 69% more than its previous peak in June 2020.
The impressive figure supports the nationwide trend shown by Zoopla in its latest UK House Price Index. The property portal revealed a 13% growth in buyer demand year on year which, it says, is outstripping supply and driving up prices.
Andrew said: “Buyers were certainly keen to dig deep into their pockets for many of the properties we offered in the auction, with some magnificent results for our sellers.”
One of the standout results of the day was achieved for a house in Leicester, which sold for more than three times its *guide price. 35-37 Lansdowne Road in Aylestone, which requires full modernisation, features two inter-linked properties loosely arranged as four flats and a house. With a total of 10-12 bedrooms, three reception rooms and four kitchens, the property – offered in partnership with Nest Estate Agents – offers a huge amount of redevelopment potential, which was clearly appreciated by bidders who drove up the price to £541,000 from a guide price of £175,000+.
A similarly outstanding result was achieved in Scotland, where the fire-damaged former Killin Cottage guest house in the tourist town of Helensburgh in Dunbartonshire, attracted enthusiastic bidding. 10 Lomond Street has been empty since the December 2017 fire and is now ripe for redevelopment. It sold for £160,000 from a guide price of £55,000+.
Andrew said: “This was a fantastic result for the seller and just goes to show what can happen when a property attracts two or more determined bidders. Although this property sold for considerably more than its guide price, it still represents an excellent investment as it is in a beautiful part of the country which is sure to remain popular due to the boom in UK holidays.”
At the other end of the country, bidders were keen to get their hands on a mixed-use property near Southend-on-Sea. 44 Hamlet Court Road in Westcliff-on-Sea comprises a ground-floor retail unit with residential accommodation on the upper two floors and currently realises an annual rental income of £18,110. The property sold for £230,000 from a guide price of £150,000+.
Andrew added: “It was certainly a fabulous start to the year as we illustrated once again that we’re keeping the market moving. Lockdown is no barrier to our fast, certain, hassle-free and, above all, safe method of buying and selling properties.”
Supply may be down nationwide – Zoopla reported a 12% decrease in new listings in the first two years of 2021 – but Andrew is confident sellers will still turn to auction to achieve a secure sale and already has more than 100 properties instructed for the February Auction Event.
SDL Property Auctions holds Auction Events on the last Thursday of each month, live-streamed from its head office auction studio with remote bidding. These run alongside daily single-lot Timed Auctions on its website.