Introducing our 13th March Auction Sale
A warm welcome to this, our second auction sale for 2023 and another catalogue of well over 300 lots, packed full of opportunities with varying property types located throughout the country. This is in fact our third auction this year when we include our bespoke online sale for one client that takes place on 27th February. Already this year and including this sale we will have brought some 660 lots to the market.
Despite what some may have you believe, our February auction clearly indicates a very positive attitude towards property purchasing. This sale saw a packed auction room with bidders in even greater numbers deciding that the best way to secure their purchase was to attend the sale rather than bidding over the phone or internet, although of course we continue to offer these routes to bid for those unable to physically attend the sale.
The sale started with several bangs of the gavel with virtually all of the first 25 or so lots selling and continued with that theme for virtually the whole day ending with over £34.5 Million in sales.
Clearly the mortgage and lending market has settled down. Yes, we no longer have the rates available that could be secured in the middle of 2022 but, those were exceptional times. I took a quick look on web pages and can see that rates are now comfortably lower than they were a few weeks ago and for those with a reasonable deposit whether buying for occupation or investment there are now deals available below 4%. Of course many brokers can get even better rates which are not published on any portals so well worth having a look around.
For investors whilst some of the new rules and requirements for landlords may look a bit “anti-landlord“, if you utilise a good managing agent such as we offer within the group, they will make sure your property complies and, we are now seeing rental inflation almost in every part of the country meaning the return on your investment is now more likely to grow now, something that we haven’t seen for a considerable time.
You will notice that this sale includes quite a few land lots, possibly more of this type than in our most recent auctions. Whilst we know that the country needs more housing and, developers are cracking on with new builds, one thing that does have limited supply is land – after all, they’re not building new land! When I reflect over almost 34 years at the rostrum I can identify over this time many parcels of land that have been sold under my gavel. At the time, the general view was that the land we sold would “never be developed“ but, a quick google earth search shows me that there a good number of these plots that have now been built on!
Planning policy changes all the time and local authorities are under pressure from Central Government to deliver new housing. Of course there is risk involved but, for those taking a longer term punt and recognise the risk elements, the rewards can be very substantial and of course, no council tax to pay on land whilst you hold it!
I hope you enjoy the catalogue, my team here at Barnard Marcus and all our regional centres are here to help with any enquiries or questions you may have in the lead up to the auction so give us a call or drop us an email.
We look forward to welcoming you to The Grand Connaught Rooms on Monday 13th March and wish you the very best of luck with your bidding – maybe you’ll pick up a bargain!
