Auction realises £1.6 million (From Warrington Guardian)

Auction realises £1.6 million

9:11am Thursday 1st November 2012

More than £1.6 million was bid for nine residential properties at Gascoigne Halman’s latest auction at the Cottons Hotel in Knutsford.

In the current economic climate transaction times for house sales have been getting longer, making auctions an attractive proposition for anyone looking for a quick sale.

Commenting on the process, Michael Kyte, manager of Gascoigne Halman’s Prestbury office, who co-ordinates the company’s auctions, said: “We are getting more and more inquiries from people wishing to sell their homes at auction.

“There used to be a time when auction properties were a bit quirky, in need of complete renovation or had been acquired through probate.

“Nowadays properties sold at auction are just as likely to be quite normal family homes – it’s just that the vendor is looking for a speedy sale.

“Once a purchaser has bid successfully for a property at auction the transaction time is 28 days, and it’s a guaranteed sale. That’s a really attractive proposition.

“What it means if you are the buyer is that you have to go to the auction knowing that you have the funds, or a mortgage, in place to complete the purchase.

“The other thing to consider when selling at auction is the element of magic in the auction room.

“If you have a couple of buyers, both interested in a particular property, the excitement of the auction situation can lead to a better than expected sale price being achieved.”

Around 150 eager homebuyers filled the auction room, and the auctioneer was Nick Longworth of Gascoigne Halman. Gascoigne Halman’s next auction is on November 22 at the Cottons Hotel, Knutsford.

If you would like to discuss entering a property in the auction contact your local Gascoigne Halman office or speak to Michael Kyte on 01625 827 467.