AUCTION SUCCESS FOR RESIDENTIAL PROPERTY
A ‘two up, two down’ terraced house in Burnley has just sold at auction for more than double its guide price proving auction success with attractive bids is achievable for swifter sales.
The house, on Reed Street went to auction with a guide price of £15,000 and the hammer went down with a bid of £33,000. A further property in the same sale also marketed by ourselves went for £7,000 over its £25,000 guide price. Both properties have been on the open market and failed to sell despite asking prices being lower than those the sale by auction achieved making this a win-win situation for the vendor.
Ian Bythell, said: “Many vendors overlook the idea of selling their property at auction but we would often recommend this route for certain properties. People are prepared to pay for their ideal home and that certainly showed here so auctions really shouldn’t be underestimated as a selling tool.
“Burnley is thriving on the back of its recent accreditation as the most enterprising town in the UK and it shows that there are interested parties prepared to pay the premium, reflecting just how much confidence there is in the town. The re-opening of the Todmorden curve is also a key factor in driving sales as homebuyers are coming to the area from further afield now Burnley is more accessible. As a ‘Portas Pilot Town’, Nelson is also showing positive signs and if properties can secure higher sales prices, this could be reflective of the positive work that Pendle Borough Council and the recent injection of funds and advice from Mary Portas are achieving.”
Confidence in the auction method of sale is growing, although it is still significantly less popular the traditional way of selling houses.