With the start of a New Year, there are always opportunities to reflect on the previous year and look ahead to what the future holds. Andrew Brown, Head of Property Auctions in the Northwest takes a look back at the highlights of 2012.
2012 was something of an exciting year for our Property Auction team. The existing teams in Leeds and Manchester have continued to go from strength to strength; not only increasing our market share, but also selling more distressed stock in the north of England than any other auctioneer.
Last year, our northern teams disposed of in excess of £52,000,000 with an average success rate of 74%. Never ones to rest on our laurels however; we have expanded our auction offering to now include sales in London and Dublin.
Both held their inaugural sales in November with some very pleasing results indeed! Our London team of Simon Bailey, Mat Harris and Charlotte Maynard, who joined us in the summer from Jones Lang Lasalle, put together a very well received London catalogue and sold over 60% of their stock, raising more than £3.5 million; a remarkable effort from a standing start!
Whilst London was a terrific result, they were only slightly outshone by our new Dublin team of Robert McGreal and Jackie Feigherty; who quite phenomenally, sold 100% of the 11 lots that we had in the November sale, raising over £1.58 million, approximately £600,000 over the collective reserve prices.
When combining statistics for all our auctions, it shows that during 2012 we have offered 1,073 lots and raised proceeds of over £58,000,000 for our clients – not bad during the difficult economic conditions we find ourselves in!
The London team will hold a further 5 sales in 2013, to compliment the 16 that we will hold in Leeds and Manchester this year. Dublin will be bringing more distressed stock to the auction market; with a sale scheduled for 24 April and more dates yet to be confirmed, watch this space! You can find a full auction diary on the outside cover of this magazine.
The Property Auction market is still in something of a state of flux, with the lack of available funding making buyers very wary of what they will put their hand up for. However, as we have seen in the last few years, the appetite for residential investment properties under £100,000 does continue to prove extremely strong; with well let retail investment properties at sensible rental yields also continuing to hold their own. As with the market trend over the last three years; price and suitability of lots remain at the very heart of a successful auction sale. We have always prided ourselves with matching buyers and sellers to the right property and this is never more in evidence than in the auction room.
Auction buyers, ever prudent, are doing their homework very carefully indeed these days and are probably now more knowledgeable than ever. With the wealth of comparable information available on the internet, every buyer has a very considered idea as to what they should, and crucially, should not pay for a particular lot.
Vendors are only likely to see a successful result if they take their auctioneer’s studied advice on guide prices and reserves.
So with that in mind, I would like to wish you a very happy and prosperous 2013 and look forward to seeing you at one of our sales in Leeds, Manchester, London and Dublin.
Richard joined Eddisons in 2003 and has been the Managing Partner since 2012, a role that sees him lead the strategic direction and development of the business under the ownership of Begbies Traynor Group plc. Richard has been instrumental in the growth of the business which has seen turnover more than double since 2008.
In addition to his role as Managing Partner, Richard continues to play a vital role with key clients, particularly in the banking sector, where he is a trusted adviser to major high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on many high profile properties and assists in the recovery of distressed loan portfolios.
Prior to joining Eddisons, Richard worked in the real estate division of a 'Big Four' firm where his notable assignments included the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.