AUCTIONS
With the county of Cumbria being so
large, West has two auction days. Carlisle and Ulverston. In the last few years, West has seen a real change in the average audience. “Four years ago the buyers were mainly investors and developers, now we are seeing more and more homebuyers trying to get on the ladder.” The Auction House brand has meant
that West can hold auctions every two months with between 40 and 60 lots. At least 50 per cent of the properties in the catalogue are introduced by estate agents, who take comfort in the Auction House brand. “Estate agents are comfortable with the fact that if they introduce a property to us, we put it into a large sale and show it to a room full of investors and homebuyers. Investors aren’t interested in coming to small auctions because they normally will have their eyes on a number of properties so volume is the key to keep their interest.” Auction House runs non-conditional
auctions so when the gravel falls buyers are legally bound to pay: 10 per cent on the day and the remainder within 28 days, although they are extending this period to help buyers get mortgages. According to West, there has been an influx of conditional auctions where buyers put down a non- refundable holding deposit but then don’t have to buy the property if the legalities don’t stack up. “Both buyers and sellers like the fact that we have a legal pack available for every property before the auction so once the gravel has fallen, that property will be bought. Conditional auctions muddy the waters and dilute the effect of the auction house.” West also works as an auctioneer for the
Auction House brands in Lancashire and Manchester. The markets and properties are very different but he has still spotted an Auction House trend. “Before the Auction House brand, the auction houses were getting between 20 and 30 lots four times a year but now they are able to run six times a year with between 60 and 70 lots.”
THE INDEPENDENT HOUSE: PUGH & CO
Pugh & Co is an independent auction house with twenty years experience. Holding 28 auctions per year they combine their national reputation with their regional auction events taking place at Manchester United Football Club, Leeds United Football Club, Liverpool Aintree Racecourse and the Newcastle Marriott Metrocentre. Pugh & Co runs both commercial
property auctions and a residential auction 58 MAY 2012 PROPERTYdrum PAUL
THOMPSON DIRECTOR AND AUCTIONEER AT PUGH & CO
It’s a process of deadlines that we can’t and don’t miss but that’s the buzz.’
building consultancy division of a national commercial property firm providing advice to a wide range of clients including corporate recovery and insolvency clients, commercial & residential property developers, banks and property funders. “We are an independent, privately
owned auction house and we don’t compete with our auction clients in any other services,” explains Thompson. “A key part of our business strategy is giving the right advice at all times and being independent allows us to do this.” Thompson explains that the residential
Auctions are a breath of fresh air – it’s very frustrating in estate agency at the moment.’ COLIN WEST AUCTION HOUSE CUMBRIA
service through The Auction People specialising in residential sales including repossession properties on behalf of national asset managers, banks and receivers. The Auction People also work in partnership with residential estate agents who wish to offer an auction service to their clients without the need for set up costs or expertise in the field. Pugh & Co believe that estate agents
benefit from exposure of their brand on a national scale through inclusion of their details in their catalogue and website. Paul Thompson, director and auctioneer
at Pugh & Co has been an auctioneer for 10 years. His background was as a chartered Surveyor working in the construction industry before moving to work in the
brand the Auction People allows estate agents who don’t want to become auctioneers to become auction partners in the true sense and offer the additional service to their clients. “It’s been a great success and importantly a strong revenue stream for our new partner agents. We are currently in discussion with numerous agents who are also interested in signing up,” he says. “We offer a professional experience; we
are a national auction name and have sold over £1billion pounds of property for an excellent range of corporate clients and also for members of the public. We also provide auctions in regional venues, so we target the local markets, this allows us to maximise the results we achieve for our customers. Because of our national name we attract a huge database of buyers and investors to the auction catalogues,” adds Thompson. As with all the auction houses, it is volume of stock that keeps buyers keen. However, Pugh & Co can also offer a diverse range of stock and in the past have offered windmills, nuclear bunkers, railway tracks, ponds, and even a former RAF base. “Clients like the variety of stock, our
most recent auction contained 300 lots so we can guarantee that there will always be something of interest to our buying customers,” says Thompson. “I think customers respect that as Chartered Surveyors we take pride in giving the right advice but will also provide top quality auction events. It’s about being a safe pair of hands.” This variety of property, buyers and
sellers makes for an interesting life. “I love my job, every day is different. I’m in the office at around 7:30am and from the minute I walk in we are either holding an auction or building to the next one. It’s a procession of deadlines that we can’t and don’t miss but that’s the buzz for me. The pressure is there but delivering the product is the reward,” concludes Thompson.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70