Buying through online property auctions is proving to be a popular choice for prospective homeowners and investors in Nottingham, says online auction experts John Pye Property.
John Pye Property’s January online property auctions saw it receive 53 bids on a property in Alfreton Road, Nottingham. The property had previously been on the market with an estate agency for three months with an asking price of £80,000.
However in John Pye’s auction, buyers battled it out online for the property – which went for £90,050 at the fall of the online hammer and will complete in 20 working days.
A second property in Victoria Avenue, received 65 bids from prospective buyers and was sold for £139,500 after having a guide price of £125,000.
Richard Reed MRICS, head of property at John Pye Property Auctions, said: “Buying property online has increased dramatically since we launched our auctions in 2014. It allows for a clear and transparent bidding system and a legitimate alternative to estate agency sales.
“When we started the online property auctions, other auction houses said the model wouldn’t work and people would not part with that much money up front, but we have proved them wrong and now many are following suit. We caught a real gap in the market and from looking at buyer habits, online is here to stay.”
John Pye Property is increasingly instructed by LPA receivers and has achieved standout results in its online auctions as a result. In its January auction it achieved a 157% sale increase on the guide price of one of its lots as a result.
John Pye Property will hold its next online auction on 22 and 23 February. With a guide price of £63,000 to £69,000, a two-bedroom end terrace property in Stanley Avenue, Forest Fields, will feature in the auction. Although requiring a programme of refurbishment throughout, it is expected that the property would let for approximately £550pcm (£6,600pa), representing a gross yield of 10.15%.
It is situated in an excellent location, with Nottingham city centre 30 minutes’ walk away, and the Forest recreation ground just 5 minutes away. It also benefits from being in short walking distance of the NET tram station at the Forest Recreation Ground.
A second property in Baden Powell Road is to go under the online hammer with a guide price of £59,000 to £69,000.
Richard added: “The property is currently let for £400 pcm (£4,800 per annum), representing a gross annual yield of 8.14% based on the lower guide price. We expect there will be a considerable amount of interest in this property due to its location and earning potential.
“Our unique expertise across online auctions means the way we sell property online is a real unique selling point for vendors and distinctive across the industry.
“Due to increased demand we have decided to increase the frequency of our market leading online property auctions to every three weeks. This will mean a total of 16 auctions will be held throughout 2017. This provides sellers, agents and buyers increased opportunity to sell and buy through our auctions, which are all accessible from any mobile device or computer.
“We will continue our market beating 0% seller fees and nil entry costs into 2017, meaning any sale of property through our auctions will be without any agency fees or associated marketing costs.”
Visit www.johnpye.co.uk/property-auctions to bid or phone 0115 970 6060 for more information. Viewings are available by appointment.