GreenDevil Posted September 11, 2017 Share Posted September 11, 2017 2 hours ago, moonriver said: Zoopla looks a bit redundant there. Yes greedy vendors do seem to be the order of the day, but if they don't sell at auction, what do they intend to do next? Wait for prices to go up? Or just go back to auction again. as someone is bound to offer more next time? No they usually keep hold of it as they arent in any rush to sell as rates are on the floor at 0.0001% Quote Link to comment Share on other sites More sharing options...
Patient London FTB Posted September 11, 2017 Share Posted September 11, 2017 On 26/07/2017 at 9:05 AM, Bankside said: Interestingly Barnard Marcus are claiming 61% were sold. I'm not sure what calculation method was used however it's still significantly lower than previous auctions.  Tuesday, 25 July 2017 200   61%   £20,506,500 Tuesday, 20 June 2017 212 69% £28,889,350 Tuesday, 16 May 2017 218 73% £25,716,500 Monday, 10 April 2017 200 74% £29,129,700 Monday, 13 March 2017 198 75% £21,043,250  (Second column is lots offered)  Updating Bankside's post with today's result Monday, 11 September 2017 152  64%  £23,053,300 Tuesday, 25 July 2017 200   61%   £20,506,500 Tuesday, 20 June 2017 212 69% £28,889,350 Tuesday, 16 May 2017 218 73% £25,716,500 Monday, 10 April 2017 200 74% £29,129,700 Monday, 13 March 2017 198 75% £21,043,250 Quote Link to comment Share on other sites More sharing options...
mowlem Posted September 13, 2017 Author Share Posted September 13, 2017 Auction house London has had a bad day. 60% success rate in their auction yesterday, with  by my reckoning less than half the properties in the London area selling on the day. Quote Link to comment Share on other sites More sharing options...
moonriver Posted September 13, 2017 Share Posted September 13, 2017 On 11/09/2017 at 6:29 PM, Si1 said: The last two, or the last three overall, including this one? And how often are they? I thnk BM auctions are usually monthly (not August because of summer hols I guess). As you can see on later posts, BM auctions for Juny, July and Sept have shifted less than 70%. And now today Mowlem has pointed out auction house London only had 60% success yesterday. Â Quote Link to comment Share on other sites More sharing options...
nimby Posted September 13, 2017 Share Posted September 13, 2017 What you are missing on unsold percentages is the fact that if no interest is shown in a property prior to auction it is normally withdrawn from the sale. I accept that not many properties were withdrawn from the Barnard Marcus Auction. However if you look at Auctionhouse London loads were withdrawn. If they had been included in the not sold figures the percentage sold would have been far lower! Â Quote Link to comment Share on other sites More sharing options...
Roman Roady Posted September 16, 2017 Share Posted September 16, 2017 OK, t'would seem that what we have been seeing at these auctions for the past 6 months is now going mainstream! http://www.dailymail.co.uk/news/article-4889336/Buy-let-empire-EIGHTEEN-homes-rake-74-000.html  I like the comment from "Lovin it":- "Oh please auction properties always double at the final hammer if not triple, let's see what it goes for before the return is considered viable!!" You're a bit behind the times there "Lovin it"! Quote Link to comment Share on other sites More sharing options...
mowlem Posted September 20, 2017 Author Share Posted September 20, 2017 Andrews and Robertson 19th September 65% success rate, which includes a fair few lots of ground rents being bought, which IMHO skews the results making them look better than they actually were. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted September 20, 2017 Share Posted September 20, 2017 On 16/09/2017 at 12:28 PM, Roman Roady said: OK, t'would seem that what we have been seeing at these auctions for the past 6 months is now going mainstream! http://www.dailymail.co.uk/news/article-4889336/Buy-let-empire-EIGHTEEN-homes-rake-74-000.html  I like the comment from "Lovin it":- "Oh please auction properties always double at the final hammer if not triple, let's see what it goes for before the return is considered viable!!" You're a bit behind the times there "Lovin it"! Why would you sell anythng that " rake in £74,000 a year in rent is put up for sale in the North East for just £590,000"  When you get 0.f**all % from the banks ?    Quote Link to comment Share on other sites More sharing options...
MrXxx Posted September 20, 2017 Share Posted September 20, 2017 `The seller has put the portfolio together and let them out so the hard work has already been done!`....ermm, I think the hard work is just about to begin...trying to get your rent and then serving eviction notices!.....makes me laugh, the director of Savilles says its the best opportunity that he has seen for ten years yet he is prepared to let it pass him by...what a generous fellow he is...there you go HPCers, they aren't all bad! Quote Link to comment Share on other sites More sharing options...
Pop321 Posted September 30, 2017 Share Posted September 30, 2017 http://barnardmarcusauctions.us10.list-manage1.com/track/click?u=bb671ebb100c471943a473f09&id=2fb7c4c16e&e=2d12250c51  The new list is out and I went to a viewing out of interest. My brother is half looking (living with parents) having sold his little semi in London for £600k so I keep my eyes open....but 2 years later we still find little of value. Rather not mention lot number until after auction but very popular spot and has always done well at auction. This  lot is nasty, really only for investors (hopefully those daft BTL'ers will stay away...this town is full of cash rich numpties who believe the prices they see in agents Windows). Other competition is normally wealthy developers who buy and use to keep workforce busy and therefore other than salaries often happy to just break even. This needs everything Ie full roof, Victorian money pit, potential planning issues, no parking etc. Imagine it is a cash only purchase but I guess others may try raise funds on main residence etc. Viewed Thursday and only one person there....me. Open to offers so we made one, very low (ie < 50% of original marketed price) and was refused. Fair enough...but this has been auctioned before and I want for 2003 prices. They asked if we want to register and bid...no thanks. They said they will keep my details and they will ring me after the auction....fine but at that point my offer will be less because it hasn't sold. Once the BTL'ers have gone....and they are going.....this market will be very different. Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted September 30, 2017 Share Posted September 30, 2017 6 minutes ago, Phil321 said: http://barnardmarcusauctions.us10.list-manage1.com/track/click?u=bb671ebb100c471943a473f09&id=2fb7c4c16e&e=2d12250c51  The new list is out and I went to a viewing out of interest. My brother is half looking (living with parents) having sold his little semi in London for £600k so I keep my eyes open....but 2 years later we still find little of value. Rather not mention lot number until after auction but very popular spot and has always done well at auction. This  lot is nasty, really only for investors (hopefully those daft BTL'ers will stay away...this town is full of cash rich numpties who believe the prices they see in agents Windows). Other competition is normally wealthy developers who buy and use to keep workforce busy and therefore other than salaries often happy to just break even. This needs everything Ie full roof, Victorian money pit, potential planning issues, no parking etc. Imagine it is a cash only purchase but I guess others may try raise funds on main residence etc. Viewed Thursday and only one person there....me. Open to offers so we made one, very low (ie < 50% of original marketed price) and was refused. Fair enough...but this has been auctioned before and I want for 2003 prices. They asked if we want to register and bid...no thanks. They said they will keep my details and they will ring me after the auction....fine but at that point my offer will be less because it hasn't sold. Once the BTL'ers have gone....and they are going.....this market will be very different. 100% agreed and that's what I will do too Quote Link to comment Share on other sites More sharing options...
Pop321 Posted September 30, 2017 Share Posted September 30, 2017 30 minutes ago, stuckmojo said: 100% agreed and that's what I will do too Hopefully on a different lot. Badaboom. I am here all week ? Quote Link to comment Share on other sites More sharing options...
stuckmojo Posted October 1, 2017 Share Posted October 1, 2017 On 30/09/2017 at 9:56 AM, Phil321 said: Hopefully on a different lot. Badaboom. I am here all week ? Yes, of course. Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 3, 2017 Share Posted October 3, 2017 I have been looking at several lots last night. As mentioned there was one near me which had me interested. Imagine you really want to buy one....no legals, no guide, no time to prepare, no emotional time and the auction is now 8 days away. Cash buyers (or at least commercially financed) need only apply. I would expect a 50% discount on comparables to buy under these conditions. I may register....to test the process but this feels very difficult to say the least. Probably does not give an indication of the general market overall but is a great indicator to put in the mix. Certainly lets us what 'investors' are thinking. I also think London ( ie where the auction actually is held) and the rest of the U.K. probably are getting different types of attendees, so London results may be more reflective of London market. The northern results maybe less so....but still a useful piece of information when studying those results as they come in. My bet is the lot I am looking at just won't sell. Wrong location to try sell....so if they contact me we will offer 40% of comparables. This market is only going one way. ? Quote Link to comment Share on other sites More sharing options...
Houdini Posted October 3, 2017 Share Posted October 3, 2017 I'm not sure I would be offering even that assuming they are the lots I suspect they are. I can't see the value if converted into houses and conversion into flats may or may not work depending on the price due to the most recent flat sale... What is interesting is that the starting price is 2004 prices.... Â Quote Link to comment Share on other sites More sharing options...
scb Posted October 3, 2017 Share Posted October 3, 2017 Lot 298 - I looked to rent a flat in that block about 5 years ago. It was tatty and run down, especially compared to the complex next door which was still shiny and new (some of it still is as it's still not been lived in/sold!), so 120k for a flat? Not going to happen. I'd consider it at 60-70k just because of the location Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 4, 2017 Share Posted October 4, 2017 20 hours ago, Houdini said: I'm not sure I would be offering even that assuming they are the lots I suspect they are. I can't see the value if converted into houses and conversion into flats may or may not work depending on the price due to the most recent flat sale... What is interesting is that the starting price is 2004 prices....  The guides went on yesterday and way too much. I viewed something else a few weeks ago at £280k (the local auction) and is sold for over £400k. Whilst I viewed a smug 'investor' told me how they had bought something earlier in the year....I remembered the house and that it was a daft price...we left the viewing knowing it would fly. So I agree entirely with you....I registered with a 1998 priced proxy bit and instructions to ring me...just keeping our interest if it doesn't sell  As investments these don't work. As a house you may as well buy a better one for a bit more and save money overall and as flats there is no money to be made. My brother is looking for a home which he can maybe also use his rent a room allowance to tourists ie mini BnB without the breakfast. So it's ideal.....but even an ideal house at these prices just don't work for him. I have seen similar sell at a daft price, made into luxury flats (even in these sort of mixed locations) and the flats then go on at inflated prices. Ie £250k instead of £165k norms. What is even more bizarre is they have sold to a spoiled twenty something BOMAD funded novice or even crazier a BTL'er. It's as though they believe £250k is going to set the new benchmark....needless to say a few months later £165k is restored on the road and everyone waits with excitement to see what happens when those that bought badly come to sell. My experience is flats like that bought in 2002 have been surrounded by huge HPI and then come on and manage to sell at what they paid 15 years ago. So these lots shouldn't sell....but I never say never in this town. ? Quote Link to comment Share on other sites More sharing options...
Houdini Posted October 4, 2017 Share Posted October 4, 2017 2 hours ago, Phil321 said: So these lots shouldn't sell....but I never say never in this town. ? We both know they probably will sell but probably for little above the asking price with people thinking - I've got a bargain.... I think we are still at the point that there are areas that still look like a good idea but its nice to see that everyone now knows that Pit Villages in the North East are not great investments. The problem is that there is still too much foolish money around and we are a year away from the greatest fools discovering that property isn't a road to riches... Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 6, 2017 Share Posted October 6, 2017 On 4 October 2017 at 10:35 AM, Houdini said: We both know they probably will sell but probably for little above the asking price with people thinking - I've got a bargain.... I think we are still at the point that there are areas that still look like a good idea but its nice to see that everyone now knows that Pit Villages in the North East are not great investments. The problem is that there is still too much foolish money around and we are a year away from the greatest fools discovering that property isn't a road to riches... Disagree completely....until I went for the final viewing today ??. Only 3 or 4 viewers over the past week but today up turns the 'greater fool'. He owns one across the road and says it is worth £200k more than the guide on these (it isn't by the way). So likely he will bid on one of the lots. I have registered and will wait. I didn't try to convince him otherwise, that would just make him more eager. Really easy for that bullishness to be infectious to the novice. Particularly big old Victorian houses in a good town...but their is no money in them and when the market turns these are just a big old money pit......that's why a receiver is selling them. Will watch with interest. Quote Link to comment Share on other sites More sharing options...
Kilham Posted October 6, 2017 Share Posted October 6, 2017 (edited) Are you sure he isn't the seller?. Ah it's a repo. Bank rep trying to ramp the price up a little?. Edited October 6, 2017 by Kilham Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 6, 2017 Share Posted October 6, 2017 3 hours ago, Kilham said: Are you sure he isn't the seller?. Ah it's a repo. Bank rep trying to ramp the price up a little?. Have done this before. I know everything about the sale, seller, bank, LPA, original agent, LPA agent, auctioneer, rampers, other properties sold as part of liability, which house the neighbour lived in, what he paid, the disconnect between him and the seller etc etc.  Nope...just a neighbour who is interested. I even know he will be a million miles away from the telephone bidding process and all that is required (before 5 pm Friday..ie deadline now past). So if I wanted to bid I could because he couldn't compete on the day...but the reserve is still way over my number. It was just a reminder to me that Houdini was right and there is always a greater fool and some bulls out there in the real world......until the market falls. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted October 7, 2017 Share Posted October 7, 2017 On 9/13/2017 at 7:13 PM, nimby said: What you are missing on unsold percentages is the fact that if no interest is shown in a property prior to auction it is normally withdrawn from the sale. I accept that not many properties were withdrawn from the Barnard Marcus Auction. However if you look at Auctionhouse London loads were withdrawn. If they had been included in the not sold figures the percentage sold would have been far lower!  Yep they all use the same blag to flatter their percentage sold stats Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted October 8, 2017 Share Posted October 8, 2017 On 07/10/2017 at 12:26 AM, Phil321 said: It was just a reminder to me that Houdini was right and there is always a greater fool and some bulls out there in the real world......until the market falls. Interesting why the market hasn't turned this time. I'm of the opinion the cheap money is keeping it afloat. Last time the finance dried up. There will always be a last fool until the cheap money dries up. And with another 10billion being injected I think its about time give up and buy. Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 8, 2017 Share Posted October 8, 2017 13 hours ago, GreenDevil said: Interesting why the market hasn't turned this time. I'm of the opinion the cheap money is keeping it afloat. Last time the finance dried up. There will always be a last fool until the cheap money dries up. And with another 10billion being injected I think its about time give up and buy. Watched a homes under the hammer (last week) S20 E47. I watch the occasional ones if in Yorkshire or London....first broadcast Nov 2016 I think. A lot in London didn't sell and was bid to £499k. You could see the bidders so genuine enough...then sold post auction £476k...no mention about why. So it does happen and there is some hope I guess. Can't repeat the money they made after that...usual propaganda service was resumed. Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted October 9, 2017 Share Posted October 9, 2017 just got an e-mail from BM.  Huth are at the room tomorrow. Get yourselves on TV if you buy a BTL headline. They must be really desperate! Quote Link to comment Share on other sites More sharing options...
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