A leading North-East estate agent has been racking up sales since joining forces with an auctioneers in an attempt to get the housing market moving.
In fact, a record 500 properties have been sold since Agents Property Auction teamed up with JW Wood.
The latest saw the hammer fall on a cottage in Claypath, Durham, raising £153,000 for the vendor. Figures recently released by The Essential Information Group show that the auctioneers greed sales on more than 570 properties with a combined capital value of over £50m in 2011. These statistics secured Agents Property Auction as the largest auction house in the North-East and the ninth largest in the country.
It also boasts the highest average selling price, ensuring the best price possible for properties.
In 2012, figures revealed an increase on 2011, with a 76 per cent conversion rate. This means the company sold 500 properties in the first eight months of the year, with a capital value of over £44m.
Auctions are held monthly at the Newcastle Marriott Hotel, Gosforth Park, Gosforth. The next is on Wednesday, September 26.
Auctions provide a speedier alternative to conventional marketing and estate agent sales. In the past they had been the preserve of dilapidated properties in need of major work, but more recently vendors are using auctions to speed up their house sales and release capital tied up in property.
JW Wood uses them to complement its conventional sales procedures which, this year, have seen a healthy rise to double those of thecompany’s nearest rival in the DH1 postcode area.
Auctioneer Richard Frances said: “An auction is the modern way of selling your home if you need a result quickly, with massive marketing exposure through our five partner agents, 50 offices throughout the North-East and advertising in the major newspapers and property websites.
“Unlike with some of our competitors, people do not pay a large buyers’ premium when they buy through us, although there is an admin charge. This allows us to maximise the selling price by appealing to all buyers.
”JW Wood residential managing director Geoff Graham added: “Auctions provide an additional tool to sell our clients’ homes. They will not suit everyone but can provide a quick way of releasing money tied up in your home.
“Last week we sold 14 homes in the auction. There are two ways to buy: either by a traditional auction in which a buyer buys at the fall of the hammer or, the way most of our homes are sold, where at the fall of the hammer a buyer pays a deposit to secure the sale, then has a few weeks to organise their finances without the fear of gazumping.
“Whether clients opt for an auction or conventional sale, they will be assured of receiving the best possible advice from ourselves and our partners, drawing on decades of experience of the market and indepth knowledge of the local area/
”For more information on auctions contact Richard on 01661 831360 or JW Wood on 0191 3869921.