At Haslams, we continue to see strong potential in selling properties through traditional auctions. As demand grows, so does our commitment to expanding our auction portfolio and delivering strong results for our clients.
The Property
The client came to us with a portfolio of seven Victorian terraced houses on Highgrove Street – a residential road close to both Reading town centre and the popular University area. Each property had been converted into two 1-bedroom flats, with 12 of the properties already let out and producing a gross income of £123,420 per annum.
Our Approach
We recommended that the properties be sold by traditional online auction to attract competitive bidding from the target audience. We also reached out to the Auction team at our parent company Foxtons to reach the wider London-based investor market as well as local buyers.
The Results
The properties were listed together at a guide price of £1,375,000, and the auction attracted 20 in-person viewings, 75 bids via the online auction portal, with the final winning bid being £1,805,000 – achieving 31% over the guide price. This sale price represents an 8% net yield based on the estimated rental value, and our Lettings team are in the process of working with the new owners to optimise their rental income by an additional 10% using our fully managed property service.
Viewings: 20
Listing Views: 16,906
Unique Bids: 75
% Over Guide Price: 31%
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Paul Hayhow Head of New Business |
If you’d like to find out more about whether auctioning your property online could be the right solution for you, I’d be happy to discuss it with you. Email paul.hayhow@haslams.net or call 0118 960 1003.