TheNews AUCTIONS XXXXX RESULTS Lots happening


Residential lots sold in Quarter 2, 2012, surpassed the 5,000 mark for first time for five years according to Essential Information Group’s latest quarterly report. The 5,164 residential lots sold represented a 6.7 per cent increase on Q2, 2011, and raised £589m, up five per cent on the previous quarter. The report also found that the number of residential lots offered at auction has been growing steadily since 2009. A total of 7,188 lots were offered at UK auction rooms – up 9.9 per cent on Q2, 2011. The fear that the stamp


duty change in March would affect the sale of houses costing less than £250,000 failed to materialise. The auction sale rate of 71.8 per cent is marginally down on Q2, 2011, is comparable to the 10 year average (71.9 per cent). Regionally there was a


substantial rise in lots sold and amounts raised for properties in London, East Anglia and the North East with falls in lots offered across Southern England (excluding London) and Wales. The North East saw a 38 per


cent rise in lots sold and a 47 per cent rise in amounts raised. According to David Sandeman at EIG these figures are most likely down to the large increases seen in the number of lots being sold ‘conditionally’ in this region – a method where the fall of the hammer only constitutes an agreement between buyer and seller for the exchange of contracts instead of the usual legally binding contract. Southern England and


Wales saw auction sales fall between five per cent and 11 per cent, yet London bucked this trend and recorded a 23 per cent rise in sales. This growth pushed the sale rate up to 80 per cent – the highest across all regions and 10 points above the UK average. Unsurprisingly, London also recorded a growth in sums raised – up 34 per cent to £139m, nearly 24 per cent of the UK’s total residential auction receipts.


8 l September 2012 l TheNegotiator Summer sales prove popular Toby Limbrick


Network Auctions’ July sale achieved a 78 per cent success rate with 27 lots being sold from the 35 offered; this follows on from May’s 80 per


cent sales success rate. The July auction featured a


property from across England and Wales. One property in Tenby, Wales, placed in the auction by Network Auctions Wales with a reserve price of £49,000, sold for £93,500 following local marketing


and national exposure. Network Auctions next sale will be on 12th September at the Glaziers Hall. Network Auctions Director,


Toby Limbrick said, “The sale in Tenby showed the power of our network with our partner agent Network Auctions Wales working closely alongside ourselves to deliver a first class result.” Network Auctions Director and


sale auctioneer Guy Charrison said, “We had several lots where we had a number of bidders both in the room and on the telephone. This created a great atmosphere and some excellent sales were made.”


Let’s regulate REGULATION


Property experts are calling for regulation of the lettings industry as an increasing number of agents go out of business, leaving tenants and landlords unsure as to how to get their deposits back. In a recent case in Cheshire,


deposits were registered with the TDS, but when the agent suddenly shut down, tenants were advised that the agent was no longer a member of the scheme and their deposits would not be protected after 1st September 2012. These tenants must register their interest before then, as TDS funds are only protected for three months after the agent’s membership has ended. William Jordan, MD of


residential lettings agency Jordan’s, said, “ARLA members’ deposits will be protected should the they go out of business. Unfortunately many unscrupulous agents, who have sprung up during the recession have no experience or knowledge of the sector and tenants have paid the price.”


TENANCY DISPUTES Greater risk of disputes


Research from Total Landlord Insurance, was presented on LetYourProperty.tv, has found that 65 per cent of landlords carry out their own inventories, which is exposing them to greater risk of deposit disputes. The independent survey


carried out by the Landlord Syndicate, found that over half of landlords have experienced a dispute over the return of the deposit when their tenant moves, 88 per cent say the most common issue is cleanliness. Results found that 65 per cent of landlords recognise that an inventory is the most important form of evidence in the event of a dispute. The perception that


inventories are expensive is the deterrent for many landlords who choose to carry out their own; however the average cost for a one bedroom property is around £70.


Eddie Hooker


Nick Lyons, co-founder and Managing Director of inventory company, No Letting Go, said, “We say that the outcome of a deposit dispute is determined at the beginning of the tenancy and so clear documentary evidence on the condition of the property is critical to overcome differing expectations of what constitutes clean.” Eddie Hooker, Chief Executive of Total Landlord Insurance and my|deposits. co.uk, said, “For a landlord to write a generic contract is dangerous.


The more detailed the inventory is the less ambiguity at the end of the tenancy and therefore the more likely a settlement on the deposit is made quickly.”


INSURANCES LetRisks expands


Following the merger of Let Insurance Services (LIS) and PropertyRisks, the new firm, LetRisks has a record number of new agents joining and is expanding its sales, marketing and customer service teams. Tim Harling and Richard


Dawson have been appointed as Business Development Managers and a further four appointments have been made across marketing, administration, customer support and service roles. Michael Portman, Managing Director of LetRisks, said, “Since the merger we have increased our presence in the marketplace and to meet growing demand from agents for our services, we have now expanded our core teams and taken additional office space.”


www.thenegotiator.co.uk


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