AS the London property market overheats, investors are increasingly looking to the North West to maximise their returns.
To capitalise on demand, selling at auction can maximise land and property values and achieve the quickest sales.
Oldham-based estate agent Ryder and Dutton plays a leading role in the auctions industry with its business Auction House Manchester, part of the national Auction House UK network.
In the latest Oldham Business Edge magazine, director Ian Hill and auction manager Amanda Lamont highlight the huge variety of property that goes ‘under the hammer’.
Oldham and neighbouring boroughs in Greater Manchester offer some of the best yields anywhere in the UK for property investors, according to a recent survey by the national property website Rightmove.
Ian and Amanda Lamont report a rising demand for properties of all kinds, and for plots of land.
Auction House Manchester holds seven auctions a year at Manchester City’s Etihad Stadium, drawing entries from across the north of England and bidders from the UK and beyond.
The Auction House UK network covers England, Scotland and Wales, with over 40 regional sales rooms selling over 3,000 properties a year.
Their team includes Sarah Lynn, Yvette Taylor and Darran Joseph, who are well known to viewers of TV’s Homes Under The Hammer, having appeared several times. They sell properties and oversee the whole auction process of marketing, viewing, auction days, sales and liaison with vendors, solicitors and agents.
Property investment remains strong in the region: “This area’s property market hasn’t been damaged by Brexit fears,” said Ian. “Auction numbers have remained healthy and buyer demand is strong. Auctions bring active buyers together in one room: they have the funds available and often the strength – or otherwise – of the pound can be a factor too.”
Auction House Manchester sells a substantial number of properties at each of its sales.
“We source, visit and inspect properties and advise potential vendors,” Ian explained. “Some properties may be referred to us by other agents, while others will be referred by owners, corporate clients or solicitors acting for clients, perhaps in probate matters.
“We will look at anything and advise on suitability. Properties can be put to auction for many reasons. Some may have adverse surveys or be unmortgageable,” Ian suggested. “In other cases, the owners may want a transparent sale, to demonstrate best value has been obtained, or a speedy sale.
“We sell every type of property, from vacant or tenanted houses to those with structural defects, properties effected by Japanese knotweed or historic old vicarages – for which we may get the national media involved.
“We recently sold a vicarage in Bolton and 100 people came along. The property had a guide price of £80,000-£100,000, but finally sold for £230,000. That wouldn’t have been achieved through a private sale.”
Other properties auctioned recently have included a historic three-storey former weavers’ cottage in Delph, Saddleworth. The building was later used as a Labour club, but then stood unused for decades and was in poor condition.
He added: “Public auctions bring transparency to sales, and this can be particularly important for individuals or groups – families, beneficiaries or charities, for instance – who want to show the best value has been achieved.”
The team also sells ground rents at auction. New housing developments might typically include 50 ground rents
Ian said: “We want residential and commercial properties and land. This includes empty and tenantedhouses and mixed-use properties, such as shops with associated flats.
"We also want offices and industrial premises, including vacant sites or premises that just look a bit out-of-date. There’s a good market for those.
“A lot of people who already own commercial properties quite often have others as investments, such as flats, shops or industrial buildings, so we’re keen to hear from them."
The auction team also works with investors across the UK and globally, from the middle east to Australia. Overseas clients also include British expatriates, who see UK property investment as a good way to boost their income.
For the full report, see the latest Oldham Business edge magazine.
For more details about Auction House Manchester, call 0161 925 3254, or email: ihill@ryder-dutton.co.uk
