AUCTIONnews
RESULTS Lucky sevens
for Seel & Co Seel & Co’s first auction of 2012, held in Cardiff on Valentines Day, sold 77 per cent of the 39 lots. Five were
sold prior to auction and 24 were sold on the day, raising a total sum of £2,122,500, an excellent result. Matt Tyler, Principal Auctioneer
and Commercial Property Valuer at Seel & Co, said, “We are seeing an increase in the number of distressed lots compared to the same time last year, and an equally strong appetite amongst buyers for cheap, vacant, unmodernised houses.
One of the unsold properties was a modernised two bed house overlooking the sea in Mumbles, at £125,000 – a bargain surely? Seel & Co’s next auction is on 3rd April.
INNOVATION One to watch for the future
Jonathan Ambrose has launched the UK’s first rental property auction service.
Landlords and letting agents
may upload their available properties and potential tenants may make a bid on how much rent they can afford/wish to pay.
thePropertyBid.com aims
to address the increase of gazumping amongst tenants, in the rental market. “Our system will make the
whole rental process completely transparent, so that prospective tenants can bid on a rental property in an open auction format that is managed by the landlord or letting agent,” says
thePropertyBid.com’s founder, Jonathan Ambrose. “
thePropertyBid.com is all about making the process fairer, and while critics may suggest rental auctions will drive up rents in an already
overheated market and be slanted towards landlords, the reality is that tenants will only bid what they can afford in their budget,” Jonathan says. Rather than tenants having
to attend property showings, making enquiries, and then being disappointed when a property is let to someone else for unexplained reasons,
thePropertyBid.com can be accessed 24/7 from their own homes, office and mobile devices. It also claims to ensure that applicants are reference checked before they are allowed to make a bid.
Choose how much rent you pay – it’s eBay for homes!
Letting agents and landlords
create their property auction online, listing it according to search categories, price and description. Once the auction has finished, both parties are notified and are then required to pay a small commission fee on the achieved monthly rent amount. As PROPERTYdrum goes to
press there are only three properties on the site, but with the seemingly insatiable appetite for arranging our lives online, this new initiative is definitely one to watch.
60 MARCH 2012 PROPERTYdrum
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