FSS, Harrogate's property auction house, has been running residential and commercial auctions for over 20 years and has built up a substantial database and online presence in the industry. Auctions offer a range of benefits to both buyers and sellers and offer a vast choice of properties, priced to sell, in potentially quick and transparent purchases. Similarly committed sellers, who price their property well should see it sold quickly and may also benefit from competition bidding up its value.
It seems that it could be these benefits that have appealed to buyers and sellers across the country with some 3,200 lots being offered for sale last month, up 21% compared with May 2015. This increase saw the total raised at property auctions across the UK rise by more than £100m to £524.6m, the largest amount raised in the month of May for nine years according to Essential Information Group (EIG), which provided the data.
Richard Smailes, Partner at FSS, said: "The latest figures show that the UK auction property market is booming. The industry is indeed thriving and auctions are increasingly appealing to a greater demographic with different requirements, from first-time buyers to commercial customers.
"The variety of property on offer is helping attract interest too. Our next auction includes a vast range of commercial and residential lots across the region. From a flat in Harrogate, to an old Post Office in Huby there are great opportunities to snap up some diverse properties. The introduction of online property auctions has also helped by making the process much more accessible."
FSS' next auction takes place on July 28th with a broad variety of lots from across the region including a detached, former post office in Huby, The Old Malt Kiln, a former workshop in Tockwith, a detached character cottage in the heart of Burton Leonard and land at Lower Dunsforth.
Richard continues; "The main difference to buying traditionally is the need to turnaround the completion of the sale in just 28 days. However, the ability to use a specialist auction lender opens up the market to more potential buyers and investors, so we expect to see continued demand at auction houses across Yorkshire."
For advice on selling or buying a property at auction contact Richard Smailes on 01423 534193 or Richard.Smailes@fssproperty.co.uk or Simon Croft on 01423 534186 or Simon.Croft@fssproperty.co.uk.