Auctions, BTL and the importance of the advice process
I find it fascinating to see how different sectors, and businesses within them, are overcoming a variety of obstacles generated by ongoing Covid-related restrictions. The property market has experienced some real highs and lows over this period and whilst property sales are rising, the process of buying and selling is changing and becoming even more complex.
With this in mind, it was interesting to see that Savills’ latest remote auction saw £40m raised with 90 lots sold, bringing the total value of property sold via this process in 2020 to £195m. The latest sale saw strong success across all price ranges but the average sold price was almost £450,000 indicating a higher price-band than at most residential auctions. It was suggested that an influencing factor in this success was because of an increasing number of bids from people looking to purchase property for BTL purposes. A trend which comes as little surprise with confidence in the BTL sector steadily rising.
Buying at auction can provide great value, strong rental yields and future capital gains, however it’s also not something to be entered into lightly. Research is vital in any property-related purchase but even more so when it comes to buying at auction and the advice process – in terms of arranging the right type of finance over the right timeframe – remains the most vital component in successfully completing any such transaction.
The fact that this particular auction included 130 telephone bidders really highlights that people are still craving the experience of talking to a real human and being walked through the buying process. So, if you’re looking to seek professional advice in regard to any potential property purchase then why not speak to one of our advisers today by calling 0800 170 1888.