Auction fever sweeps the nation as homes go under the hammer

May 31, 2016 | Regional Business

A Leading North East auction house is continuing to partner with established traditional estate agents to keep up with demand for more and more people seeking to find their dream home under the hammer.

A growing number of home owners are now choosing to sell homes under the hammer in order to avoid the long drawn out traditional sales process says Pattinson Auction Manager, Justin Beckwith.

Justin says “While property auctions have traditionally been the home of investors, we are now seeing huge growth in mainstream buyers and sellers who are attracted to the instant process of auction.”

The expansion in auction sales comes as statistics showed UK house prices increased this year at their fastest monthly rate since 2004. The growth has taken the average price of a home to £291,820.

Figures from the Office for National Statistics shows UK house price increased by 2.5% between February and March this year. Experts have suggested the rise could in part be down to buy to let investors accelerating purchases ahead of the stamp duty rise in April.

The UK average home increase was 9% over the last year.

Sam Brent, office manager at Pattinson’s Action said “We are finding more and more people are looking to find their dream home at auction. We are now partnering with estate agents across the country just to keep up with demand. Auction is a really simple way too, with most auction sales completing within 28 days. The good news for our partners is it’s free to sign up as an agent. The more properties an agent is able to contribute to each auction, the more fees they can earn. It is a bit of a win, win really.”

For those looking to sell their home, they can be reassured by the knowledge that Pattinson collects a non-refundable reservation fee from the buyer, and can help to ensure the highest sale price possible. In some cases, the agent can also offer the option to sell for free at auction.

Sam says “To keep up with the increasing demand of people looking to sell at auction we have already developed a large and successful Partner Agent Network, giving vendors access to agents with the best knowledge of the local area and greatly increasing the chance of the property selling. The grow we are seeing across the auction sector is really exciting.”

Justin Beckwith, Head of Auction says “People are always looking for a good deal and auction often works out well for both buyer and seller as the process is so simple. We are seeing huge growth in our online auction service as people are able to browse upcoming properties from home, see the starting price and then start bidding themselves.”

Pattinson Auction has over 20 years’ experience of selling homes and commercial properties, and is part of Keith Pattinson Estate Agents, which was founded in the North East in 1977 and has had thousands of satisfied customers since then.