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Keith Pattinson Auction Last Night 29th July

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I wonder what the repo industry considers a proper attempt to achieve a full market price? A couple of months with an agent, a failed auction and then another auction? Those guide prices and reserve prices must be getting lower by the week.

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Yes i've been watching autions results for the past few months and whilst it hard to percive a drop in the asking price on wrongmoves without property bee it very easy to see a rapid trend at auctions.

last week i needed help after i spotted a newish 4 bed detached in mansfield going for 90k.

Please post a link to the results if you can

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Interestingly, Pattinsons don't seem to use guide prices or estimates anymore - they print "Opening Bid" prices. These seem to mean absolutely nothing though as many lots were opened at different prices from those in the catalogue.

Well if auction houses are having to resort to such tactics to shift property then what chance does the estate agents have or is that why they are shutting up shop across the country

Guid prices seem to me to be about 5% below the reserve price and bids are taken off the wall upto the guid price and i'm told it's legal :o

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The simple question is:- If you had plenty of spare cash, would you buy property?

I know my answer.

Not until I can see the bottom.

Shall we have another (quick) look this time next year?

Even then I doubt we will be able to see what kind of world we are in?

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They haven't put the results online yet but I was there and it was a complete train-wreck.

Of the first 100 lots that I stayed for a mere 15 sold and non of the first 28 (the unconditional ones where exchange takes place immediately) sold. A 1 bed NB apartment at "The Bar" in the City Centre went at only 88K. Lot after lot after lot was withdrawn for having not even a single bid.

There were over 200 lots but I had to leave early so it may have improved later on but I doubt it, somehow.

A 15% sold rate seems pretty catastrophic to me. Not bad if you are the ones pocketing the £500 entry fee though.

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I wonder what the repo industry considers a proper attempt to achieve a full market price? A couple of months with an agent, a failed auction and then another auction? Those guide prices and reserve prices must be getting lower by the week.

Interestingly, Pattinsons don't seem to use guide prices or estimates anymore - they print "Opening Bid" prices. These seem to mean absolutely nothing though as many lots were opened at different prices from those in the catalogue.

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probably a combination of both.

car sales also silent as is ebay.

I reckon the STR are a very selective breed that hover on HPC and other places. The vast majority of folk who 'play houses' at auction need finance at some level from somewhere, they may buy with the cash in the bank but they'll already geared up IMHO. The majority have also stayed in property so are finding it increasingly difficult to exit and get liquid. I'm seeing lots of players in my local auctions at L'pool desperately trying to get out of stuff they bought a year or two back and there are no buyers, unless they are experienced landlords looking for minimum ten per cent yield.

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the 'cash is king' theory isn't working atm is it? Either hands being kept in pockets, or all that cash is in property and it can't get out, or there isn't that much cash swilling around the UK economy <_<

probably a combination of both.

car sales also silent as is ebay.

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  • 395 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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