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Sancho Panza

Auctioneer:more family homes going to auction

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No real data in this report aside from the recruitment but interesting to see reports of a change in the traditional mix of houses going to auction.Sadly,he doesn't speculate as to why.

Property Industry Eye

'Pattinson Auction has now recruited over 500 parter agents as it expands nationally.

The north-east firm was named the fastest growing auction house in the UK last year, by Essential Information Group.

The total value of its sales were up by 62% compared with 2016, with an average success rate of 72.4% nationally.

The firm says it has honed its white label offering to agents, and is seeing the type of lot that used to be more associated with private treaty than an auction.

Director Justin Beckwith said: “There is a growing interest in auction as a whole and we have refined the process.

“With more and more sellers opting to go to auction, we have been seeing a shift in the type of properties that are up for sale.

“Now a buyer can find a ready-to-move-into family home at the auction house. This is why providing an auction service is a fundamental part of any estate agency business.”'

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I just said in another thread as an anecdotal that I have never seen an auction board outside a property before. In the last few weeks I have seen two in a town near me. One for some flats above a shop in the high street, another in the main road leading into the high street for a family home.

Dont know if it means anything but this town is looking deader by the week commercially as well. At least three small high street retail businesses ceased trading in recent weeks.

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14 minutes ago, spyguy said:

People leaving it tool ate or pricing too high and not shifting.

Or banks getting antsy quicker.

 

I thought auctions only occur when there is stress involved which is why I found it interesting, but I really dont know. Maybe trends are just changing. Find it hard to believe it is that though.

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17 minutes ago, spyguy said:

People leaving it tool ate or pricing too high and not shifting.

Or banks getting antsy quicker.

 

Personally,I think it's that.

The days of the accidental LL are gone.If people need to move then they need a sale.Stick a reasonabnle reserve on and rent for a year or two in their new area.

Probates/Repos/Sh&thole HMO's as p-er usual.

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55 minutes ago, Sancho Panza said:

'Pattinson Auction has now recruited over 500 parter agents as it expands nationally.

The north-east firm was named the fastest growing auction house in the UK last year, by Essential Information Group.

 

Their Commission rates are disgusting, minimum £5k, which on a north east property is extortion, they don't mention to the vendor that the buyers adjust their price down by 5k to compensate for this rip off.

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18 minutes ago, crazypabs said:

Their Commission rates are disgusting, minimum £5k, which on a north east property is extortion, they don't mention to the vendor that the buyers adjust their price down by 5k to compensate for this rip off.

It's £5k + VAT so minimum £6,000 or 6% if it's more than £100,000.

And I wouldn't be adjusting my offer by just that amount their 28 day terms mean I would be looking at nearer a 25% discount on the market price to deal with the extra hassle.

"Modern Auctions" are a mugs game especially when most agents in the North are fixed fee at little different to the online purple bricks of the world.

Also it's Pattinson's who used to be about as dodgy as your typical BTLer.

Edited by Houdini

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10 minutes ago, Houdini said:

It's £5k + VAT so minimum £6,000 or 6% if it's more than £100,000.

And I wouldn't be adjusting my offer by just that amount their 28 day terms mean I would be looking at nearer a 25% discount on the market price to deal with the extra hassle.

"Modern Auctions" are a mugs game especially when most agents in the North are fixed fee at little different to the online purple bricks of the world.

Also it's Pattinson's who used to be about as dodgy as your typical BTLer.

Well ...

They maybe mug games and expensive. But Id guess the increase in auctions has to reflect the total lacks of 'normal' transaction.

All I here from friends and families is 'xxx cannot sell their house'

There's no wage inflation now where, in the past, if you misprice by 30% then the house will sit for 3 years til wages catch up.

Now they misprice and there's no wage catch up. So the house just sits there.

Ive mentioned it before but my idiot family members have got into this dumb game where they each promise to buy each others houses for stupid money rather than actually sell it.

Its insane. No other word.

One makes up a price. Another will buy it, providing another member will 'buy' there house.

And they sit there, thinking they are are rich.

Ive pointed out they need someone at the bottom to cough up the money to this huge chain. But Im ignored.

I sh1t you not, some of them have spent the pretend money on cars and holidays, because they are so sure they'll 'sell'.

Its insane. I point out houseprices.io to them. But thats not what the EA says, These are the LR figures I scream at them. No, the EA says its different.

 

 

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1 hour ago, spyguy said:

Its insane. I point out houseprices.io to them. But thats not what the EA says, These are the LR figures I scream at them. No, the EA says its different.

"You can bring the horse to the water ..."

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On ‎09‎/‎05‎/‎2018 at 12:33, spyguy said:

I sh1t you not, some of them have spent the pretend money on cars and holidays, because they are so sure they'll 'sell'.

Its insane. I point out houseprices.io to them. But thats not what the EA says, These are the LR figures I scream at them. No, the EA says its different.

 

 

I think I've been on this site for about two years.  During that time I've listened to endless family/friends doing the maths on their massive gains and have felt more and more demoralised as time has gone on.   However, now one of them has actually, actually put their house on the market and wants the real money out of it.  And there's no one interested.  Like No One At All.  And I thought the price was pretty fair (by today's insane standards that is, not by what it should be)  I'm not feeling schadenfreude I'm feeling confusion.  I genuinely believed that they were all sitting on guaranteed lottery winnings the second they put these houses on the market.  But the first test case is not bearing this out.   Strange times indeed.

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21 minutes ago, stop_the_craziness said:

I think I've been on this site for about two years.  During that time I've listened to endless family/friends doing the maths on their massive gains and have felt more and more demoralised as time has gone on.   However, now one of them has actually, actually put their house on the market and wants the real money out of it.  And there's no one interested.  Like No One At All.  And I thought the price was pretty fair (by today's insane standards that is, not by what it should be)  I'm not feeling schadenfreude I'm feeling confusion.  I genuinely believed that they were all sitting on guaranteed lottery winnings the second they put these houses on the market.  But the first test case is not bearing this out.   Strange times indeed.

You might be further south than me. We arrived at this point in 2002ish.

MMR is the only good thing BoE has done.

Basically, uk housing has been a false market since 2002ish where io btl idiots and their banks destroyed the uk housing market.

Should have been a massive signal in 2002. All supressed by Browns massive credit boom.

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16 minutes ago, spyguy said:

MMR is the only good thing BoE has done.

For the amusement of people who quite understandably have nothing but scorn for the Bank of England, it's worth pointing out that the Mortgage Market Review was work begun by the FSA and completed by the Financial Conduct Authority which isn't part of the Bank of England, so we can paraphrase spyguy as saying that the only good thing the Bank have done was actually done by somebody else. ;)

(For my money the Bank of England Financial Policy Committee's 2014 soft-cap on loan to income multiples was a good move, but it's only just starting to bite. I also think the the Bank of England Prudential Regulation Authority's 2017 rules on buy-to-let credit underwriting (PRA SS13/16) were a genius way of bringing the effect of Osborne's 2015 section 24 restriction of relief on buy-to-let mortgage interest forward.)

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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