In the bidding: successful sellers opt for auction

In a slow housing market, it pays to take a fresh look at ways of getting a move on. For speed, efficiency and general peace of mind, more and more property owners are opting to sell their homes at auction.

“The idea of putting your home under the hammer can seem quite daunting”, says Oliver Adams, the property professional at the helm of Farrell Heyworth’s increasingly high profile Auctions department, “but in the right hands that’s certainly not the case. While auction sales tend to be associated with investment and ‘difficult’ properties, the situation is changing. We’re getting more and more calls from private home owners who are frustrated by the length of time their properties are sitting on the market and confused about their real value in the current housing climate. Can we help them? Definitely, we can sell any type of property at auction and sellers are sometimes surprised by the prices they achieve”

“Not only do you significantly increase your chances of making a sale, it’s an easy, efficient way to sell in considerably less time than traditional methods allow. The average transaction is completed in around 28 days from the point the hammer comes down and, because the buyer pays a 10% deposit on the day, there’s no need to worry about the sale falling through at the last minute. I’d particularly recommend the auction route to anyone selling for financial reasons, especially if repossession is likely, not least because of the speed with which the transaction is completed”.

Farrell Heyworth is gearing up for its next auction, set to take place in the Great Room at Preston North End FC on Thursday 18 September. Over forty lots are lined up, from terraced houses and flats to detached houses, barn conversions and development land with and without planning permission, and with guide prices ranging from £35,000 to £360,000; all of which have a well above average chance of being sold on the day.

The company’s last auction, in June, notched up £2 million sales of property and development land across the region. “That’s a 63% success rate”, explains Oliver, “our competitors are currently only moving around 45% of the lots they have registered for sale”.

And the secret of Farrell Heyworth’s success in the property auction stakes? Oliver puts it down to keen knowledge of the local market, astute pricing, high profile marketing and of course the friendly, professional hands-on service for which the company is well known.

“We make sure our customers understand exactly what’s involved in the auction process”, he explains, “and give them shrewd – and realistic – advice on the prices they can expect to achieve. Our branch network and state of the art website allow us to pre-advertise widely the properties for sale, plus we offer a comprehensive range of convenient, complimentary services ranging from professional surveys to independent financial and legal advice.”

Prospective sellers who miss the September event need not despair of selling their homes before Christmas. The company’s last auction of the year is scheduled for Thursday 11 December at the same venue and the closing date for registering properties is Monday 3 November.

For more information on Farrell Heyworth auctions phone 0845 310 5700.