What is Auction House?
Auction House UK is a network of property auctioneers covering the whole country. They have over 40 auctions rooms nationwide, and sell more than 3,000 properties every year. The North East branch of Auction House covers the counties of Northumberland and Durham, as well as Tyne and Wear, and the towns that make up the Tees Valley area. Their offices for the North East are based in Gateshead and Middlesbrough.
Why should I buy/sell at auction?
These auctions exchange contracts on the fall of the gavel, meaning buyers are legally bound to buy. This means that there's no chance that a purchaser can pull out, which is a benefit if you need to sell the property within a certain timeframe. Auction House use the "traditional" method of auction, as opposed to the "modern method" used by other Auctioneers. Other auctions don't exchange on the night but leave a gap of up to 28 days for people to exchange.
If you are a buyer; you could get an amazing deal on a property you love- leaving more spare cash to decorate! There are also more fair chances in terms of buying as it isn't on a first come first serve basis. Everyone in the auction room gets an equal opportunity to win the auction. Auction House makes a "Legal Pack" available to buyers so that all the information is available before the auction. They also arrange viewing appointments, meaning that you won't be losing out by not having viewed the property you are bidding on.
Colin West, an Auctioneer at Auction House North East explains some of the benefits to buying at auction- "If buyers are unable to attend on the night, Auction House offers a telephone and proxy bidding service, in addition to live streaming of the auctions to a potential worldwide audience."
I'm an investor, why should I buy a property at auction?
Auction House sells a lot of already tenanted stock, which means investors will start to receive rental income right from the day of legal completion. All the legal benefits of the tenancy agreement will pass over to you along with the responsibilities.
Interested in attending an auction with Auction House? The next auction in the North East takes place on the 25th October at Ramside Hall Hotel, Carrville, Durham, DH1 1TD. The catalogue is closed for October auction now, but if you are a vendor, you can get your property in for the December auction now. The December auction will be held on December 6th, and will also be held at Ramside Hall Hotel.