Jump to content
House Price Crash Forum
Sign in to follow this  
Guest happy?

It's A Recession

Recommended Posts

Guest happy?

Barnard Marcus are having a Summer Sale!

219 out of 228 properties at Barnard Marcus next auction are "by order of" - usually the mortgagee in possession. What struck me thumbing through the catalogue was that virtually every type of property in most parts of the country were represented - not merely the city centre flats but semis/detached/bungalows/terraced.

This a domestic property recession right across the board with no area unaffected and no type of property untouched.

What also strikes me is the speed with which it is now developing.

Scale and speed.

Scale and speed.

http://www.barnardmarcusauctions.co.uk/

Share this post


Link to post
Share on other sites
Barnard Marcus are having a Summer Sale!

219 out of 228 properties at Barnard Marcus next auction are "by order of" - usually the mortgagee in possession. What struck me thumbing through the catalogue was that virtually every type of property in most parts of the country were represented - not merely the city centre flats but semis/detached/bungalows/terraced.

This a domestic property recession right across the board with no area unaffected and no type of property untouched.

What also strikes me is the speed with which it is now developing.

Scale and speed.

Scale and speed.

http://www.barnardmarcusauctions.co.uk/

Well if they sell as badley as the Auction on the 29 July , should be about 170 unsold lots . The place was like a grave yard.

Share this post


Link to post
Share on other sites

I love these autions and it real time priceing and shows were EA prices are going to be in a few years time.

The guide price and reserve price need to be closer if many of these houses have a chance of selling.

Share this post


Link to post
Share on other sites
Guest KingCharles1st

Sort of Anecdotal- near to where I live (rural) there is a large house by the side of the road. They obviously own some land, as they recently started doing a bi-weekly car boot sale. Week just gone they have BOTH family cars outside with "for sale" signs plastered all over them, both extremely shiny new BMW's, a 5 series and a Z-3.....ouch...

ps- at least they are TRYING- gotta give them that.

Share this post


Link to post
Share on other sites
Same site - http://www.barnardmarcusauctions.co.uk/ - 'unsold lots'

Thanks for the link.

Going through the unsold lots really surprised me though...alomost all of the unsold had final bids within a few percent of their reserve price.

For example:

If a reserve price is 300k, the first and last bids were 375k-390k, and this trend is very common throughout the thread, even though prices are commonly dropping 25%+ all over the UK without being forced sales.

Is something naughty going on?

Share this post


Link to post
Share on other sites

EI group have got a nifty search feature, put in part of postcode or town name and it tells you whats coming up in future auctions:

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

We can't be far off from having no reserve auctions. The same properties are going up time and time again and not selling, it's only a matter of months before we see the real bargains coming.

Share this post


Link to post
Share on other sites
Thanks for the link.

Going through the unsold lots really surprised me though...alomost all of the unsold had final bids within a few percent of their reserve price.

For example:

If a reserve price is 300k, the first and last bids were 375k-390k, and this trend is very common throughout the thread, even though prices are commonly dropping 25%+ all over the UK without being forced sales.

Is something naughty going on?

As I recall it is legal for the auction house to take non-existent bids "off the walls" up to the reserve price to encourage genuine action.

Share this post


Link to post
Share on other sites
As I recall it is legal for the auction house to take non-existent bids "off the walls" up to the reserve price to encourage genuine action.

that implies they have to stop doing that after the reserve?

Share this post


Link to post
Share on other sites
that implies they have to stop doing that after the reserve?

No. They have to stop just before the reserve otherwise the 'off the wall' bidder would have won the lot.

Share this post


Link to post
Share on other sites
Guest happy?
Just had a look and it struck me that the last bids were always quite close to reserve.

Too close <_<

Shill bidding? If so, the bids that seem to be coming in may not reflect the true state of the market.

Schill bidding is a criminal offence. Any auction in which a fraud has taken place is void and anyone buying property in those circumstances would not legally be bound by the auction - they would also potentially have a civil claim against an auctioneer for damages.

Share this post


Link to post
Share on other sites
that implies they have to stop doing that after the reserve?

It is legal to take imaginary "off the wall" bids under the reserve price but not at or above it.

Share this post


Link to post
Share on other sites
No. They have to stop just before the reserve otherwise the 'off the wall' bidder would have won the lot.

But this happened on a property porn show about four years ago. Can't remember which one. Somebody was selling a house and the auctioneer bounced a bid off the wall and then was stuck as there were no further bids. As I remember, this was not condemned by the presenters. Just went to prove - hesitate for a just a second and you'll miss that giant ladder-shaped boat.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 396 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.