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I've noticed a rise in the number of 'For Sale by Auction' signs around my neck of the woods in North West London.

When I questioned an Estate Agent friend regarding this he said that a number of his clients had decided to sell at auction to get a quick sale and that they were also getting over and above their target price! Is he bullsh1tting or what? Does anyone follow auction sales and keep track of prices attained and the level of sales achieved? It would be very interesting to know.

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http://www.eddisons.com/pages/home_page/property_auction/previous_auction_results/default.aspx?ShowLot=084&ForAuction=16&Page=5

I hope the link works...

It's a house that was previosly marketed at £370 grand but sold at auction for nearly £100 grand less than that...

The link doesn't work for some reason so I've copied and pasted the details below...

Nornay House, Bawtry Road, Blyth, Workshop, Nottinghamshire

Photographs

Viewings

26 April 2007 - 11:00

Please check with the Eddisons office for availability before attending a viewing.

Interested?

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Details for Lot No. 084

Status: Sold

Guide Price: £220000+

Sold Price: £275000

Category: Vacant Residential

Full Address:

Nornay House

Bawtry Road

Blyth

United Kingdom

S81 8HG

Category Heading:

Grade II listed 3 storey house of immense charm and character (previously marketed at £370,000)

Description:

Situated

The property is situated in the former hamlet of Nornay which is located on the outskirts of Blyth and is conveniently placed for the A1.

Ground Floor

Reception Hall

Drawing Room

Dining Room

Fitted kitchen

Utility room

Boiler room

First Floor

Landing

Bedroom with en-suite bathroom

Bedroom

Bathroom

Second Floor

Landing/Sitting area

Bedroom

Bedroom

Bedroom

Outside

Driveway to the side serving turning area and parking to the rear Rear garden with paved rear terrace with steps leading to the top garden area

Freehold

Edited by Tatty Teddy

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Funny you mention auctions, cos I'm a newbie who wants to start investing, but must admit.. things don't look good right now.. sellers are getting their ridiculously high asking prices and rents just won't stack up where I live. I've been monitoring auction results for about 3/4 months now and it seems to me, that here again - properties are going well above the guide prices. I some cases - up to 50k more! It's a madhouse out here... well - it is London and the suburbs I'm talking about....

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Funny you mention auctions, cos I'm a newbie who wants to start investing, but must admit.. things don't look good right now.. sellers are getting their ridiculously high asking prices and rents just won't stack up where I live. I've been monitoring auction results for about 3/4 months now and it seems to me, that here again - properties are going well above the guide prices. I some cases - up to 50k more! It's a madhouse out here... well - it is London and the suburbs I'm talking about....

I've been to a few auctions in the past and bid on things but I've never bought anything because I give myself a limit and stick to it but I've always been outbid....The amount of people that seem to overpay for property is amazing as they seem to get into a bidding frenzy...

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dont the council asell houses at auctions, if so is there a link as i heard you can buy a house thats on auction with the council for a very cheap price?

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dont the council asell houses at auctions, if so is there a link as i heard you can buy a house thats on auction with the council for a very cheap price?

Government plan to sell property for £1

Abandoned pubs could be sold to local communities for £1

Closed-down pubs and schools, redundant police stations or leisure centres could be sold off for as little as £1 to community groups to allow them to be revived as facilities for local people.

Communities Secretary Ruth Kelly says she wants to promote "a new era of civic pride" by handing control of the management and ownership of key assets to local communities.

Councils will be given a new responsibility to identify unused property which could benefit the community, and a £30 million fund will support 20 pilot projects across the country to increase the transfer of assets.

The initiative - using money first announced in March - comes shortly after Tony Blair's expected successor as prime minister, Gordon Brown, called for more community involvement in local decision-making.

Ms Kelly was speaking on the publication of a report by the Lewisham Council chief executive, Barry Quirk, which argues that transferring public assets to communities not only leads to more responsive services but also promotes strong communities with a confident civic spirit.

Local authorities have powers to sell or lease assets at below market prices, compulsorily purchase derelict property or require landowners to clean up sites that are adversely affecting the local neighbourhood.

But the Quirk Report finds these powers are not often used and calls for a "major culture shift" in local authorities to help promote more active citizenship and give people a greater part in running in local services.

Speaking at the report's launch in Sheffield on Tuesday, Ms Kelly is expected to say: "When local government is more open to communities being part of the solution... this is not just good because it makes people feel better - although it does. It also works.

"The evidence from the last 10 years is clear: When we get it right, if you give local people more power, you'll get a better result.

"Better services, greater satisfaction with the neighbourhood, and greater satisfaction with the local authority."

Edited by Tatty Teddy

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i'm surprised you guys are having so much trouble - looking at the halifax auction site there seem to be loads of properties which remain unsold having not met the reserve or which sell for a couple of thousand above

show me the link please?

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property auction

There are several property auctions and the company on the link above have quite a few repo's....

will they have houses to sell in the lincolnshire area or is it just manchester and leeds, it dont state what houses are up for aution in there areas so may not be handy enough for me who is a first time buyer lookin to buy in the lincolnshire area

Edited by djgilbo

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will they have houses to sell in the lincolnshire area or is it just manchester and leeds, it dont state what houses are up for aution in there areas so may not be handy enough for me who is a first time buyer lookin to buy in the lincolnshire area

There are laods of auctions around Britain.....

I've found one in your area that's on next week. I've never been to it but they seem to have some good stuff so I might have to go... Click the link and have a look at what they're selling....

Lincoln auction.

Edited by Tatty Teddy

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ive just had a look and there well expensive i thought auctions was suppose to be cheaper lol

i come from grantham in lincs, its stupid here cause its high prices as we are next to the a1 motorway tahts 3 hrs away from bloody london!!

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ive just had a look and there well expensive i thought auctions was suppose to be cheaper lol

i come from grantham in lincs, its stupid here cause its high prices as we are next to the a1 motorway tahts 3 hrs away from bloody london!!

It's as I said earlier...I've been to many auctions and bid on stuff but always come away empty handed due to the amount of people that go mad bidding prices up...

I goto auctions to try to snap up a bargain but I've now given up looking....

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Barnard Marcus auctions:

Flat 8, 130 Elmington Rd, Camberwell, London, SE5 sold at auction for £165k

Previously purchased 06/07/2005 for £200k according to www.houseprices.co.uk

New build apartment, almost certainly a BTL going to the wall on this one.......

see www.barnardmarcusauctions.co.uk if you want to do more digging.

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I've noticed a rise in the number of 'For Sale by Auction' signs around my neck of the woods in North West London.

When I questioned an Estate Agent friend regarding this he said that a number of his clients had decided to sell at auction to get a quick sale and that they were also getting over and above their target price! Is he bullsh1tting or what? Does anyone follow auction sales and keep track of prices attained and the level of sales achieved? It would be very interesting to know.

I understand lenders with repossessions use auctions to recover their security. Probably they are lending to the bidders in a 'pass the parcel' scenario and thus the infinite sums available to bid!

As they say in poker terms .....the banker never loses.......?......well..... maybe some day soon ...that will change!

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Update on the 1st post:

Spoke to my friend today and dug a little deeper. He is now recommending his clients (mainly investors) to sell at auction and realise their properties 'potential' sooner rather than later as there is a glut of properties on the market and thinks the market could turn at any moment. An honest estate agent or is he just looking for a quick buck?

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Update on the 1st post:

Spoke to my friend today and dug a little deeper. He is now recommending his clients (mainly investors) to sell at auction and realise their properties 'potential' sooner rather than later as there is a glut of properties on the market and thinks the market could turn at any moment. An honest estate agent or is he just looking for a quick buck?

There is no doubt an auction is quick compared to the normal market.

At one stage you could pick up bargains ....this may be returning as the 'savvy' investor is selling up and as stated auction is the quickest way to cash. On the seller's side are many people with open bank credit lines still thinking they are into an investment bargain willing to bid as if they were on Ebay....again it's pass the parcel!

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Modern flat in auction for less than it was sold for.

I hope the link works this time...

This was originally sold for £201,500 in 2003 and now didn't even reach it's reserve which is nearly £100,000 less...

It was previously let out at £600 p.m. so I guess that someone will be making a loss...But how can that be possible when they keep building more flats like this in places like Leeds?

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This was originally sold for £201,500 in 2003 and now didn't even reach it's reserve which is nearly £100,000 less...

It was previously let out at £600 p.m. so I guess that someone will be making a loss...But how can that be possible when they keep building more flats like this in places like Leeds?

600 pcm on a property costing 201,500 at say 85% LTV would be seriously negative yield and a fantastically bad investment

IO @4.5% = 642.28

IO @5% = 713.64

IO @5.5% = 785.01

IO @6% = 856.38

IO @6.5% = 927.74

The selling for the reserve would interestingly enough generate a positive yield if the previous rental was achievable.

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600 pcm on a property costing 201,500 at say 85% LTV would be seriously negative yield and a fantastically bad investment

IO @4.5% = 642.28

IO @5% = 713.64

IO @5.5% = 785.01

IO @6% = 856.38

IO @6.5% = 927.74

The selling for the reserve would interestingly enough generate a positive yield if the previous rental was achievable.

Those figures are interesting and are what could happen in the event of further hikes. Plus the 30k deposit which could quite easily make £1600-£1800 pa tax free in an isa.

Plus legal fees repairs insurance etc.

Edited by ripandcap

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I've noticed a rise in the number of 'For Sale by Auction' signs around my neck of the woods in North West London.

When I questioned an Estate Agent friend regarding this he said that a number of his clients had decided to sell at auction to get a quick sale and that they were also getting over and above their target price! Is he bullsh1tting or what? Does anyone follow auction sales and keep track of prices attained and the level of sales achieved? It would be very interesting to know.

Essential Information Group provides some auction statistics and other information:

http://www.eigroup.co.uk/

Stats:

http://www.eigroup.co.uk/public/newsletters.asp

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